{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}E:\Old papers\short union paper\FM RR1\FM data archive code and tables\Table 5 log file.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}17 Feb 2025, 14:33:02

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. cluster2 ltotal_fees vmem vmem_nonrtw nonrtw logat leverageW lfirmage tangibilityW rdassetsW roaW lagstdebitdaassets5W newceo lage ltenure ceochair  sic2_* y_*, tcluster(fyear) fcluster(cic) 
 
{txt}Linear regression with 2D clustered SEs{col 56}Number of obs = {res}   1014
{txt}{col 56}F( 74,   616) ={res}       .
{txt}{col 56}Prob > F      ={res}       .
{txt}Number of clusters (cic) = {col 31}{res}   98{txt}{col 56}R-squared     ={res}  0.3313
{txt}Number of clusters (fyear) = {col 31}{res}   17{txt}{col 56}Root MSE      ={res}  0.7956
{txt}{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}         ltotal_fees{col 22}{c |} Coefficient{col 34}  Std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}vmem {c |}{col 22}{res}{space 2}-.5807384{col 34}{space 2} 1.208385{col 45}{space 1}   -0.48{col 54}{space 3}0.631{col 62}{space 4}-2.953793{col 75}{space 3} 1.792316
{txt}{space 9}vmem_nonrtw {c |}{col 22}{res}{space 2} -1.01246{col 34}{space 2} .9322069{col 45}{space 1}   -1.09{col 54}{space 3}0.278{col 62}{space 4}-2.843149{col 75}{space 3} .8182287
{txt}{space 14}nonrtw {c |}{col 22}{res}{space 2}-.0341017{col 34}{space 2} .1133329{col 45}{space 1}   -0.30{col 54}{space 3}0.764{col 62}{space 4}-.2566675{col 75}{space 3}  .188464
{txt}{space 15}logat {c |}{col 22}{res}{space 2} .1996337{col 34}{space 2} .0415135{col 45}{space 1}    4.81{col 54}{space 3}0.000{col 62}{space 4} .1181084{col 75}{space 3} .2811589
{txt}{space 11}leverageW {c |}{col 22}{res}{space 2} .0716985{col 34}{space 2} .2284652{col 45}{space 1}    0.31{col 54}{space 3}0.754{col 62}{space 4}-.3769666{col 75}{space 3} .5203636
{txt}{space 12}lfirmage {c |}{col 22}{res}{space 2} -.152589{col 34}{space 2} .0544821{col 45}{space 1}   -2.80{col 54}{space 3}0.005{col 62}{space 4}-.2595822{col 75}{space 3}-.0455958
{txt}{space 8}tangibilityW {c |}{col 22}{res}{space 2}-.0409072{col 34}{space 2}  .304898{col 45}{space 1}   -0.13{col 54}{space 3}0.893{col 62}{space 4}-.6396728{col 75}{space 3} .5578584
{txt}{space 11}rdassetsW {c |}{col 22}{res}{space 2}-.0546947{col 34}{space 2}  1.02761{col 45}{space 1}   -0.05{col 54}{space 3}0.958{col 62}{space 4}-2.072738{col 75}{space 3} 1.963348
{txt}{space 16}roaW {c |}{col 22}{res}{space 2}   .15716{col 34}{space 2} .3720273{col 45}{space 1}    0.42{col 54}{space 3}0.673{col 62}{space 4}-.5734357{col 75}{space 3} .8877556
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2}-1.592107{col 34}{space 2} .7046638{col 45}{space 1}   -2.26{col 54}{space 3}0.024{col 62}{space 4}-2.975941{col 75}{space 3}-.2082719
{txt}{space 14}newceo {c |}{col 22}{res}{space 2} .1204224{col 34}{space 2} .1165421{col 45}{space 1}    1.03{col 54}{space 3}0.302{col 62}{space 4}-.1084455{col 75}{space 3} .3492903
{txt}{space 16}lage {c |}{col 22}{res}{space 2} .0482105{col 34}{space 2} .3579661{col 45}{space 1}    0.13{col 54}{space 3}0.893{col 62}{space 4}-.6547713{col 75}{space 3} .7511923
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2} -.046429{col 34}{space 2} .0535685{col 45}{space 1}   -0.87{col 54}{space 3}0.386{col 62}{space 4}-.1516279{col 75}{space 3}   .05877
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2} .0809071{col 34}{space 2} .0850559{col 45}{space 1}    0.95{col 54}{space 3}0.342{col 62}{space 4}-.0861275{col 75}{space 3} .2479417
{txt}{space 14}sic2_1 {c |}{col 22}{res}{space 2} .5254678{col 34}{space 2}   .21326{col 45}{space 1}    2.46{col 54}{space 3}0.014{col 62}{space 4} .1066631{col 75}{space 3} .9442726
{txt}{space 14}sic2_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_4 {c |}{col 22}{res}{space 2} .4324686{col 34}{space 2} .2223495{col 45}{space 1}    1.94{col 54}{space 3}0.052{col 62}{space 4}-.0041863{col 75}{space 3} .8691235
{txt}{space 14}sic2_5 {c |}{col 22}{res}{space 2}  .246872{col 34}{space 2} .3618712{col 45}{space 1}    0.68{col 54}{space 3}0.495{col 62}{space 4}-.4637789{col 75}{space 3} .9575228
{txt}{space 14}sic2_6 {c |}{col 22}{res}{space 2} .1150027{col 34}{space 2}  .240215{col 45}{space 1}    0.48{col 54}{space 3}0.632{col 62}{space 4}-.3567368{col 75}{space 3} .5867423
{txt}{space 14}sic2_7 {c |}{col 22}{res}{space 2} -.049775{col 34}{space 2} .1734298{col 45}{space 1}   -0.29{col 54}{space 3}0.774{col 62}{space 4}-.3903602{col 75}{space 3} .2908103
{txt}{space 14}sic2_8 {c |}{col 22}{res}{space 2} .3095105{col 34}{space 2} .2529182{col 45}{space 1}    1.22{col 54}{space 3}0.222{col 62}{space 4}-.1871759{col 75}{space 3} .8061969
{txt}{space 14}sic2_9 {c |}{col 22}{res}{space 2} 1.776773{col 34}{space 2} .1965461{col 45}{space 1}    9.04{col 54}{space 3}0.000{col 62}{space 4} 1.390791{col 75}{space 3} 2.162755
{txt}{space 13}sic2_10 {c |}{col 22}{res}{space 2}-.3590001{col 34}{space 2} .1901816{col 45}{space 1}   -1.89{col 54}{space 3}0.060{col 62}{space 4} -.732483{col 75}{space 3} .0144829
{txt}{space 13}sic2_11 {c |}{col 22}{res}{space 2} .5442141{col 34}{space 2} .2713418{col 45}{space 1}    2.01{col 54}{space 3}0.045{col 62}{space 4} .0113469{col 75}{space 3} 1.077081
{txt}{space 13}sic2_12 {c |}{col 22}{res}{space 2}-.9872976{col 34}{space 2} .2619029{col 45}{space 1}   -3.77{col 54}{space 3}0.000{col 62}{space 4}-1.501628{col 75}{space 3}-.4729667
{txt}{space 13}sic2_13 {c |}{col 22}{res}{space 2}-.9438267{col 34}{space 2}  .213902{col 45}{space 1}   -4.41{col 54}{space 3}0.000{col 62}{space 4}-1.363892{col 75}{space 3}-.5237612
{txt}{space 13}sic2_14 {c |}{col 22}{res}{space 2}-1.112598{col 34}{space 2} .3040143{col 45}{space 1}   -3.66{col 54}{space 3}0.000{col 62}{space 4}-1.709629{col 75}{space 3}-.5155683
{txt}{space 13}sic2_15 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_16 {c |}{col 22}{res}{space 2} .1478306{col 34}{space 2} .2989321{col 45}{space 1}    0.49{col 54}{space 3}0.621{col 62}{space 4}-.4392191{col 75}{space 3} .7348802
{txt}{space 13}sic2_17 {c |}{col 22}{res}{space 2}  .146104{col 34}{space 2} .1745146{col 45}{space 1}    0.84{col 54}{space 3}0.403{col 62}{space 4}-.1966117{col 75}{space 3} .4888198
{txt}{space 13}sic2_18 {c |}{col 22}{res}{space 2}-.0505164{col 34}{space 2} .2358176{col 45}{space 1}   -0.21{col 54}{space 3}0.830{col 62}{space 4}-.5136203{col 75}{space 3} .4125876
{txt}{space 13}sic2_19 {c |}{col 22}{res}{space 2} .0159449{col 34}{space 2} .2253237{col 45}{space 1}    0.07{col 54}{space 3}0.944{col 62}{space 4}-.4265509{col 75}{space 3} .4584407
{txt}{space 13}sic2_20 {c |}{col 22}{res}{space 2} .0780102{col 34}{space 2} .3063558{col 45}{space 1}    0.25{col 54}{space 3}0.799{col 62}{space 4}-.5236181{col 75}{space 3} .6796386
{txt}{space 13}sic2_21 {c |}{col 22}{res}{space 2} .4736047{col 34}{space 2} .3007112{col 45}{space 1}    1.57{col 54}{space 3}0.116{col 62}{space 4}-.1169386{col 75}{space 3} 1.064148
{txt}{space 13}sic2_22 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_23 {c |}{col 22}{res}{space 2}-.0744493{col 34}{space 2} .5929465{col 45}{space 1}   -0.13{col 54}{space 3}0.900{col 62}{space 4}-1.238891{col 75}{space 3} 1.089992
{txt}{space 13}sic2_24 {c |}{col 22}{res}{space 2} .0487128{col 34}{space 2} .2820933{col 45}{space 1}    0.17{col 54}{space 3}0.863{col 62}{space 4}-.5052683{col 75}{space 3}  .602694
{txt}{space 13}sic2_25 {c |}{col 22}{res}{space 2} .4026026{col 34}{space 2} .1884652{col 45}{space 1}    2.14{col 54}{space 3}0.033{col 62}{space 4} .0324905{col 75}{space 3} .7727147
{txt}{space 13}sic2_26 {c |}{col 22}{res}{space 2} .4302281{col 34}{space 2} .1939573{col 45}{space 1}    2.22{col 54}{space 3}0.027{col 62}{space 4} .0493304{col 75}{space 3} .8111258
{txt}{space 13}sic2_27 {c |}{col 22}{res}{space 2}-.0952325{col 34}{space 2} .1788627{col 45}{space 1}   -0.53{col 54}{space 3}0.595{col 62}{space 4} -.446487{col 75}{space 3} .2560221
{txt}{space 13}sic2_28 {c |}{col 22}{res}{space 2}-.1186959{col 34}{space 2} .3409208{col 45}{space 1}   -0.35{col 54}{space 3}0.728{col 62}{space 4}-.7882037{col 75}{space 3}  .550812
{txt}{space 13}sic2_29 {c |}{col 22}{res}{space 2} .3860444{col 34}{space 2} .2466383{col 45}{space 1}    1.57{col 54}{space 3}0.118{col 62}{space 4}-.0983094{col 75}{space 3} .8703982
{txt}{space 13}sic2_30 {c |}{col 22}{res}{space 2}-.7674562{col 34}{space 2} .1053351{col 45}{space 1}   -7.29{col 54}{space 3}0.000{col 62}{space 4}-.9743156{col 75}{space 3}-.5605969
{txt}{space 13}sic2_31 {c |}{col 22}{res}{space 2} .0789597{col 34}{space 2} .8693716{col 45}{space 1}    0.09{col 54}{space 3}0.928{col 62}{space 4}-1.628332{col 75}{space 3} 1.786251
{txt}{space 13}sic2_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_33 {c |}{col 22}{res}{space 2}-.7022288{col 34}{space 2} .1377989{col 45}{space 1}   -5.10{col 54}{space 3}0.000{col 62}{space 4}-.9728413{col 75}{space 3}-.4316162
{txt}{space 13}sic2_34 {c |}{col 22}{res}{space 2}-.0369309{col 34}{space 2} .2958874{col 45}{space 1}   -0.12{col 54}{space 3}0.901{col 62}{space 4}-.6180012{col 75}{space 3} .5441395
{txt}{space 13}sic2_35 {c |}{col 22}{res}{space 2} .4607526{col 34}{space 2} .2696881{col 45}{space 1}    1.71{col 54}{space 3}0.088{col 62}{space 4} -.068867{col 75}{space 3} .9903722
{txt}{space 13}sic2_36 {c |}{col 22}{res}{space 2}-.0543353{col 34}{space 2} .2177412{col 45}{space 1}   -0.25{col 54}{space 3}0.803{col 62}{space 4}-.4819404{col 75}{space 3} .3732698
{txt}{space 13}sic2_37 {c |}{col 22}{res}{space 2}-.1319347{col 34}{space 2} .2130047{col 45}{space 1}   -0.62{col 54}{space 3}0.536{col 62}{space 4}-.5502382{col 75}{space 3} .2863688
{txt}{space 13}sic2_38 {c |}{col 22}{res}{space 2}-.0397079{col 34}{space 2} .2100144{col 45}{space 1}   -0.19{col 54}{space 3}0.850{col 62}{space 4}-.4521388{col 75}{space 3} .3727231
{txt}{space 13}sic2_39 {c |}{col 22}{res}{space 2}-.8377797{col 34}{space 2} .2883905{col 45}{space 1}   -2.91{col 54}{space 3}0.004{col 62}{space 4}-1.404128{col 75}{space 3}-.2714319
{txt}{space 13}sic2_40 {c |}{col 22}{res}{space 2}-.3854839{col 34}{space 2} .1433495{col 45}{space 1}   -2.69{col 54}{space 3}0.007{col 62}{space 4}-.6669969{col 75}{space 3}-.1039709
{txt}{space 13}sic2_41 {c |}{col 22}{res}{space 2}-.6027972{col 34}{space 2} .1177916{col 45}{space 1}   -5.12{col 54}{space 3}0.000{col 62}{space 4} -.834119{col 75}{space 3}-.3714755
{txt}{space 13}sic2_42 {c |}{col 22}{res}{space 2} .3692412{col 34}{space 2} .1954583{col 45}{space 1}    1.89{col 54}{space 3}0.059{col 62}{space 4}-.0146041{col 75}{space 3} .7530865
{txt}{space 13}sic2_43 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_44 {c |}{col 22}{res}{space 2}-.4795996{col 34}{space 2} .3237038{col 45}{space 1}   -1.48{col 54}{space 3}0.139{col 62}{space 4}-1.115296{col 75}{space 3} .1560971
{txt}{space 13}sic2_45 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_46 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_47 {c |}{col 22}{res}{space 2} .0993185{col 34}{space 2} .1631206{col 45}{space 1}    0.61{col 54}{space 3}0.543{col 62}{space 4}-.2210213{col 75}{space 3} .4196583
{txt}{space 13}sic2_48 {c |}{col 22}{res}{space 2}-.1991357{col 34}{space 2} .1141357{col 45}{space 1}   -1.74{col 54}{space 3}0.082{col 62}{space 4}-.4232779{col 75}{space 3} .0250065
{txt}{space 13}sic2_49 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_50 {c |}{col 22}{res}{space 2}-.2148199{col 34}{space 2} .1780875{col 45}{space 1}   -1.21{col 54}{space 3}0.228{col 62}{space 4}-.5645521{col 75}{space 3} .1349123
{txt}{space 13}sic2_51 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_52 {c |}{col 22}{res}{space 2} .2062685{col 34}{space 2} .1860885{col 45}{space 1}    1.11{col 54}{space 3}0.268{col 62}{space 4}-.1591763{col 75}{space 3} .5717133
{txt}{space 13}sic2_53 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_54 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_55 {c |}{col 22}{res}{space 2}-.6379934{col 34}{space 2} .2874531{col 45}{space 1}   -2.22{col 54}{space 3}0.027{col 62}{space 4}  -1.2025{col 75}{space 3}-.0734866
{txt}{space 13}sic2_56 {c |}{col 22}{res}{space 2} .0106023{col 34}{space 2} .2568466{col 45}{space 1}    0.04{col 54}{space 3}0.967{col 62}{space 4}-.4937988{col 75}{space 3} .5150034
{txt}{space 13}sic2_57 {c |}{col 22}{res}{space 2}-1.638321{col 34}{space 2} .2920159{col 45}{space 1}   -5.61{col 54}{space 3}0.000{col 62}{space 4}-2.211788{col 75}{space 3}-1.064854
{txt}{space 13}sic2_58 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_59 {c |}{col 22}{res}{space 2} .5543409{col 34}{space 2}  .321513{col 45}{space 1}    1.72{col 54}{space 3}0.085{col 62}{space 4}-.0770536{col 75}{space 3} 1.185735
{txt}{space 13}sic2_60 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_1 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_4 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_5 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_6 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_7 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_8 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_9 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_10 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_11 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_12 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_13 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_14 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_15 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_16 {c |}{col 22}{res}{space 2}-.2943554{col 34}{space 2} .2123181{col 45}{space 1}   -1.39{col 54}{space 3}0.166{col 62}{space 4}-.7113105{col 75}{space 3} .1225996
{txt}{space 16}y_17 {c |}{col 22}{res}{space 2}-.9022084{col 34}{space 2} .2195524{col 45}{space 1}   -4.11{col 54}{space 3}0.000{col 62}{space 4} -1.33337{col 75}{space 3}-.4710465
{txt}{space 16}y_18 {c |}{col 22}{res}{space 2}-.5129725{col 34}{space 2} .2414449{col 45}{space 1}   -2.12{col 54}{space 3}0.034{col 62}{space 4}-.9871275{col 75}{space 3}-.0388176
{txt}{space 16}y_19 {c |}{col 22}{res}{space 2}-.7615379{col 34}{space 2} .2426652{col 45}{space 1}   -3.14{col 54}{space 3}0.002{col 62}{space 4}-1.238089{col 75}{space 3}-.2849864
{txt}{space 16}y_20 {c |}{col 22}{res}{space 2}-.6161624{col 34}{space 2} .2394902{col 45}{space 1}   -2.57{col 54}{space 3}0.010{col 62}{space 4}-1.086479{col 75}{space 3}-.1458461
{txt}{space 16}y_21 {c |}{col 22}{res}{space 2}-.5983024{col 34}{space 2} .2404393{col 45}{space 1}   -2.49{col 54}{space 3}0.013{col 62}{space 4}-1.070482{col 75}{space 3}-.1261224
{txt}{space 16}y_22 {c |}{col 22}{res}{space 2}-.5678174{col 34}{space 2} .2323687{col 45}{space 1}   -2.44{col 54}{space 3}0.015{col 62}{space 4}-1.024148{col 75}{space 3}-.1114866
{txt}{space 16}y_23 {c |}{col 22}{res}{space 2}-.5148287{col 34}{space 2} .0711318{col 45}{space 1}   -7.24{col 54}{space 3}0.000{col 62}{space 4} -.654519{col 75}{space 3}-.3751385
{txt}{space 16}y_24 {c |}{col 22}{res}{space 2}-.4308214{col 34}{space 2} .2065939{col 45}{space 1}   -2.09{col 54}{space 3}0.037{col 62}{space 4}-.8365351{col 75}{space 3}-.0251077
{txt}{space 16}y_25 {c |}{col 22}{res}{space 2}-.3143161{col 34}{space 2}  .225551{col 45}{space 1}   -1.39{col 54}{space 3}0.164{col 62}{space 4}-.7572582{col 75}{space 3}  .128626
{txt}{space 16}y_26 {c |}{col 22}{res}{space 2}-.2846953{col 34}{space 2}  .218693{col 45}{space 1}   -1.30{col 54}{space 3}0.193{col 62}{space 4}-.7141696{col 75}{space 3} .1447789
{txt}{space 16}y_27 {c |}{col 22}{res}{space 2}-.2793573{col 34}{space 2} .2059821{col 45}{space 1}   -1.36{col 54}{space 3}0.176{col 62}{space 4}-.6838696{col 75}{space 3} .1251549
{txt}{space 16}y_28 {c |}{col 22}{res}{space 2}-.5639599{col 34}{space 2}  .229194{col 45}{space 1}   -2.46{col 54}{space 3}0.014{col 62}{space 4}-1.014056{col 75}{space 3}-.1138635
{txt}{space 16}y_29 {c |}{col 22}{res}{space 2}-.4947598{col 34}{space 2} .2339504{col 45}{space 1}   -2.11{col 54}{space 3}0.035{col 62}{space 4}-.9541969{col 75}{space 3}-.0353227
{txt}{space 16}y_30 {c |}{col 22}{res}{space 2}-.3084079{col 34}{space 2} .2128999{col 45}{space 1}   -1.45{col 54}{space 3}0.148{col 62}{space 4}-.7265056{col 75}{space 3} .1096897
{txt}{space 16}y_31 {c |}{col 22}{res}{space 2}-.2844837{col 34}{space 2} .2313296{col 45}{space 1}   -1.23{col 54}{space 3}0.219{col 62}{space 4}-.7387739{col 75}{space 3} .1698065
{txt}{space 16}y_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 15}_cons {c |}{col 22}{res}{space 2} 11.11927{col 34}{space 2} 1.479374{col 45}{space 1}    7.52{col 54}{space 3}0.000{col 62}{space 4} 8.214039{col 75}{space 3} 14.02449
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
 
     SE clustered by cic and fyear (multiple obs per cic-fyear)
 

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. cluster2 ltotal_otherfees vmem vmem_nonrtw nonrtw  logat leverageW lfirmage tangibilityW rdassetsW roaW  lagstdebitdaassets5W newceo lage ltenure ceochair   sic2_* y_*, tcluster(fyear) fcluster(cic) 
 
{txt}Linear regression with 2D clustered SEs{col 56}Number of obs = {res}    586
{txt}{col 56}F( 66,   432) ={res}       .
{txt}{col 56}Prob > F      ={res}       .
{txt}Number of clusters (cic) = {col 31}{res}   82{txt}{col 56}R-squared     ={res}  0.3106
{txt}Number of clusters (fyear) = {col 31}{res}   17{txt}{col 56}Root MSE      ={res}  1.3968
{txt}{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    ltotal_otherfees{col 22}{c |} Coefficient{col 34}  Std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}vmem {c |}{col 22}{res}{space 2} 4.702232{col 34}{space 2}  2.18488{col 45}{space 1}    2.15{col 54}{space 3}0.032{col 62}{space 4} .4079149{col 75}{space 3}  8.99655
{txt}{space 9}vmem_nonrtw {c |}{col 22}{res}{space 2}-4.475923{col 34}{space 2} 1.482709{col 45}{space 1}   -3.02{col 54}{space 3}0.003{col 62}{space 4}-7.390144{col 75}{space 3}-1.561703
{txt}{space 14}nonrtw {c |}{col 22}{res}{space 2}  .180638{col 34}{space 2} .1927965{col 45}{space 1}    0.94{col 54}{space 3}0.349{col 62}{space 4}-.1982978{col 75}{space 3} .5595739
{txt}{space 15}logat {c |}{col 22}{res}{space 2} .2880736{col 34}{space 2} .0826984{col 45}{space 1}    3.48{col 54}{space 3}0.001{col 62}{space 4} .1255324{col 75}{space 3} .4506149
{txt}{space 11}leverageW {c |}{col 22}{res}{space 2} .5711482{col 34}{space 2} .5317525{col 45}{space 1}    1.07{col 54}{space 3}0.283{col 62}{space 4}-.4739956{col 75}{space 3} 1.616292
{txt}{space 12}lfirmage {c |}{col 22}{res}{space 2}-.0257928{col 34}{space 2} .1149087{col 45}{space 1}   -0.22{col 54}{space 3}0.823{col 62}{space 4}-.2516425{col 75}{space 3}  .200057
{txt}{space 8}tangibilityW {c |}{col 22}{res}{space 2} .0908746{col 34}{space 2}  .827736{col 45}{space 1}    0.11{col 54}{space 3}0.913{col 62}{space 4}-1.536016{col 75}{space 3} 1.717765
{txt}{space 11}rdassetsW {c |}{col 22}{res}{space 2}-6.402601{col 34}{space 2} 2.197818{col 45}{space 1}   -2.91{col 54}{space 3}0.004{col 62}{space 4}-10.72235{col 75}{space 3}-2.082854
{txt}{space 16}roaW {c |}{col 22}{res}{space 2} 2.218534{col 34}{space 2}  1.66972{col 45}{space 1}    1.33{col 54}{space 3}0.185{col 62}{space 4}-1.063251{col 75}{space 3}  5.50032
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2}-.5729783{col 34}{space 2} 3.399919{col 45}{space 1}   -0.17{col 54}{space 3}0.866{col 62}{space 4}-7.255418{col 75}{space 3} 6.109462
{txt}{space 14}newceo {c |}{col 22}{res}{space 2}  .013089{col 34}{space 2} .2082692{col 45}{space 1}    0.06{col 54}{space 3}0.950{col 62}{space 4}-.3962579{col 75}{space 3} .4224359
{txt}{space 16}lage {c |}{col 22}{res}{space 2} 1.597701{col 34}{space 2} 1.354441{col 45}{space 1}    1.18{col 54}{space 3}0.239{col 62}{space 4}-1.064413{col 75}{space 3} 4.259814
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2}-.0836063{col 34}{space 2} .1629098{col 45}{space 1}   -0.51{col 54}{space 3}0.608{col 62}{space 4}-.4038008{col 75}{space 3} .2365882
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2} .0065291{col 34}{space 2} .2336463{col 45}{space 1}    0.03{col 54}{space 3}0.978{col 62}{space 4}-.4526958{col 75}{space 3} .4657539
{txt}{space 14}sic2_1 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_4 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_5 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_6 {c |}{col 22}{res}{space 2}  5.06287{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 14}sic2_7 {c |}{col 22}{res}{space 2} 4.616522{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 14}sic2_8 {c |}{col 22}{res}{space 2} 5.552905{col 34}{space 2} .8090512{col 45}{space 1}    6.86{col 54}{space 3}0.000{col 62}{space 4} 3.962739{col 75}{space 3} 7.143071
{txt}{space 14}sic2_9 {c |}{col 22}{res}{space 2} 7.029462{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_10 {c |}{col 22}{res}{space 2} 5.877713{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_11 {c |}{col 22}{res}{space 2} 5.425763{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_12 {c |}{col 22}{res}{space 2} 4.045598{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_13 {c |}{col 22}{res}{space 2} 4.015748{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_14 {c |}{col 22}{res}{space 2} 3.476603{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_15 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_16 {c |}{col 22}{res}{space 2} 3.984387{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_17 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_18 {c |}{col 22}{res}{space 2} 4.597489{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_19 {c |}{col 22}{res}{space 2} 5.300091{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_20 {c |}{col 22}{res}{space 2} 4.344867{col 34}{space 2} .0814079{col 45}{space 1}   53.37{col 54}{space 3}0.000{col 62}{space 4} 4.184862{col 75}{space 3} 4.504872
{txt}{space 13}sic2_21 {c |}{col 22}{res}{space 2} 4.553714{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_22 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_23 {c |}{col 22}{res}{space 2} 3.795034{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_24 {c |}{col 22}{res}{space 2}  4.57252{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_25 {c |}{col 22}{res}{space 2} 4.737146{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_26 {c |}{col 22}{res}{space 2} 5.321039{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_27 {c |}{col 22}{res}{space 2} 4.972559{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_28 {c |}{col 22}{res}{space 2} 3.856641{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_29 {c |}{col 22}{res}{space 2} 5.602387{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_30 {c |}{col 22}{res}{space 2} 6.384852{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_31 {c |}{col 22}{res}{space 2}        0{col 34}{space 2} 2.191122{col 45}{space 1}    0.00{col 54}{space 3}1.000{col 62}{space 4}-4.306586{col 75}{space 3} 4.306586
{txt}{space 13}sic2_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_33 {c |}{col 22}{res}{space 2} 5.749334{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_34 {c |}{col 22}{res}{space 2} 2.387362{col 34}{space 2} .6220933{col 45}{space 1}    3.84{col 54}{space 3}0.000{col 62}{space 4} 1.164656{col 75}{space 3} 3.610069
{txt}{space 13}sic2_35 {c |}{col 22}{res}{space 2} 5.084656{col 34}{space 2} .8714667{col 45}{space 1}    5.83{col 54}{space 3}0.000{col 62}{space 4} 3.371814{col 75}{space 3} 6.797498
{txt}{space 13}sic2_36 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_37 {c |}{col 22}{res}{space 2} 4.634464{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_38 {c |}{col 22}{res}{space 2} 6.337061{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_39 {c |}{col 22}{res}{space 2} 3.608873{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_40 {c |}{col 22}{res}{space 2} 3.466892{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_41 {c |}{col 22}{res}{space 2} 4.948263{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_42 {c |}{col 22}{res}{space 2} 6.383346{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_43 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_44 {c |}{col 22}{res}{space 2} 5.642676{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_45 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_46 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_47 {c |}{col 22}{res}{space 2} 4.124056{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_48 {c |}{col 22}{res}{space 2} 5.158349{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_49 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_50 {c |}{col 22}{res}{space 2} 5.110507{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_51 {c |}{col 22}{res}{space 2} 6.909255{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_52 {c |}{col 22}{res}{space 2}  5.37473{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_53 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_54 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_55 {c |}{col 22}{res}{space 2} 3.663246{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_56 {c |}{col 22}{res}{space 2} 3.371729{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_57 {c |}{col 22}{res}{space 2} 4.868184{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_58 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_59 {c |}{col 22}{res}{space 2} 4.622203{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_60 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_1 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_4 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_5 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_6 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_7 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_8 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_9 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_10 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_11 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_12 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_13 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_14 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_15 {c |}{col 22}{res}{space 2}  .735092{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 16}y_16 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_17 {c |}{col 22}{res}{space 2} 1.767347{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 16}y_18 {c |}{col 22}{res}{space 2}  2.47824{col 34}{space 2} .1277412{col 45}{space 1}   19.40{col 54}{space 3}0.000{col 62}{space 4} 2.227169{col 75}{space 3} 2.729312
{txt}{space 16}y_19 {c |}{col 22}{res}{space 2} 2.239359{col 34}{space 2} .0780145{col 45}{space 1}   28.70{col 54}{space 3}0.000{col 62}{space 4} 2.086023{col 75}{space 3} 2.392694
{txt}{space 16}y_20 {c |}{col 22}{res}{space 2} 2.243268{col 34}{space 2} .0576671{col 45}{space 1}   38.90{col 54}{space 3}0.000{col 62}{space 4} 2.129925{col 75}{space 3} 2.356611
{txt}{space 16}y_21 {c |}{col 22}{res}{space 2} 1.597388{col 34}{space 2} .3621362{col 45}{space 1}    4.41{col 54}{space 3}0.000{col 62}{space 4} .8856199{col 75}{space 3} 2.309156
{txt}{space 16}y_22 {c |}{col 22}{res}{space 2} 1.956757{col 34}{space 2} .2667475{col 45}{space 1}    7.34{col 54}{space 3}0.000{col 62}{space 4} 1.432472{col 75}{space 3} 2.481041
{txt}{space 16}y_23 {c |}{col 22}{res}{space 2} 2.433654{col 34}{space 2} .3142657{col 45}{space 1}    7.74{col 54}{space 3}0.000{col 62}{space 4} 1.815974{col 75}{space 3} 3.051334
{txt}{space 16}y_24 {c |}{col 22}{res}{space 2} 2.225889{col 34}{space 2} .3626419{col 45}{space 1}    6.14{col 54}{space 3}0.000{col 62}{space 4} 1.513127{col 75}{space 3} 2.938651
{txt}{space 16}y_25 {c |}{col 22}{res}{space 2} 2.512596{col 34}{space 2} .3982939{col 45}{space 1}    6.31{col 54}{space 3}0.000{col 62}{space 4} 1.729761{col 75}{space 3} 3.295431
{txt}{space 16}y_26 {c |}{col 22}{res}{space 2} 2.583232{col 34}{space 2} .3878751{col 45}{space 1}    6.66{col 54}{space 3}0.000{col 62}{space 4} 1.820875{col 75}{space 3} 3.345589
{txt}{space 16}y_27 {c |}{col 22}{res}{space 2} 2.417633{col 34}{space 2} .3521299{col 45}{space 1}    6.87{col 54}{space 3}0.000{col 62}{space 4} 1.725532{col 75}{space 3} 3.109734
{txt}{space 16}y_28 {c |}{col 22}{res}{space 2} 2.497938{col 34}{space 2} .2933736{col 45}{space 1}    8.51{col 54}{space 3}0.000{col 62}{space 4} 1.921321{col 75}{space 3} 3.074555
{txt}{space 16}y_29 {c |}{col 22}{res}{space 2} 2.583553{col 34}{space 2} .5026471{col 45}{space 1}    5.14{col 54}{space 3}0.000{col 62}{space 4} 1.595615{col 75}{space 3} 3.571491
{txt}{space 16}y_30 {c |}{col 22}{res}{space 2} 2.306723{col 34}{space 2} .4340853{col 45}{space 1}    5.31{col 54}{space 3}0.000{col 62}{space 4} 1.453541{col 75}{space 3} 3.159905
{txt}{space 16}y_31 {c |}{col 22}{res}{space 2} 2.273863{col 34}{space 2} .4678365{col 45}{space 1}    4.86{col 54}{space 3}0.000{col 62}{space 4} 1.354344{col 75}{space 3} 3.193382
{txt}{space 16}y_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 15}_cons {c |}{col 22}{res}{space 2}-3.268273{col 34}{space 2} 4.477717{col 45}{space 1}   -0.73{col 54}{space 3}0.466{col 62}{space 4}-12.06909{col 75}{space 3} 5.532548
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
 
     SE clustered by cic and fyear (multiple obs per cic-fyear)
 

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. cluster2 lfeesplusother vmem vmem_nonrtw nonrtw logat leverage lfirmage tangibility rdassets roa lagstdebitdaassets5W newceo lage ltenure ceochair  sic2_* y_*, tcluster(fyear) fcluster(cic) 
 
{txt}Linear regression with 2D clustered SEs{col 56}Number of obs = {res}   1062
{txt}{col 56}F( 74,   644) ={res}       .
{txt}{col 56}Prob > F      ={res}       .
{txt}Number of clusters (cic) = {col 31}{res}   99{txt}{col 56}R-squared     ={res}  0.3529
{txt}Number of clusters (fyear) = {col 31}{res}   17{txt}{col 56}Root MSE      ={res}  1.1685
{txt}{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}      lfeesplusother{col 22}{c |} Coefficient{col 34}  Std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}vmem {c |}{col 22}{res}{space 2} 1.716164{col 34}{space 2}  .578624{col 45}{space 1}    2.97{col 54}{space 3}0.003{col 62}{space 4} .5799465{col 75}{space 3} 2.852382
{txt}{space 9}vmem_nonrtw {c |}{col 22}{res}{space 2}-2.490726{col 34}{space 2} .8903741{col 45}{space 1}   -2.80{col 54}{space 3}0.005{col 62}{space 4}-4.239113{col 75}{space 3}-.7423392
{txt}{space 14}nonrtw {c |}{col 22}{res}{space 2} .0498122{col 34}{space 2} .1026612{col 45}{space 1}    0.49{col 54}{space 3}0.628{col 62}{space 4}-.1517789{col 75}{space 3} .2514034
{txt}{space 15}logat {c |}{col 22}{res}{space 2} .2887818{col 34}{space 2} .0398268{col 45}{space 1}    7.25{col 54}{space 3}0.000{col 62}{space 4} .2105757{col 75}{space 3} .3669879
{txt}{space 12}leverage {c |}{col 22}{res}{space 2} .3140203{col 34}{space 2} .4022647{col 45}{space 1}    0.78{col 54}{space 3}0.435{col 62}{space 4}-.4758885{col 75}{space 3} 1.103929
{txt}{space 12}lfirmage {c |}{col 22}{res}{space 2}-.0222668{col 34}{space 2} .0951743{col 45}{space 1}   -0.23{col 54}{space 3}0.815{col 62}{space 4}-.2091563{col 75}{space 3} .1646227
{txt}{space 9}tangibility {c |}{col 22}{res}{space 2} .5080889{col 34}{space 2} .6058448{col 45}{space 1}    0.84{col 54}{space 3}0.402{col 62}{space 4}-.6815809{col 75}{space 3} 1.697759
{txt}{space 12}rdassets {c |}{col 22}{res}{space 2}-2.776495{col 34}{space 2} 1.256092{col 45}{space 1}   -2.21{col 54}{space 3}0.027{col 62}{space 4}-5.243026{col 75}{space 3}-.3099643
{txt}{space 17}roa {c |}{col 22}{res}{space 2} .4670877{col 34}{space 2} .4778984{col 45}{space 1}    0.98{col 54}{space 3}0.329{col 62}{space 4}-.4713397{col 75}{space 3} 1.405515
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2}-2.731496{col 34}{space 2} 1.087482{col 45}{space 1}   -2.51{col 54}{space 3}0.012{col 62}{space 4}-4.866934{col 75}{space 3}-.5960578
{txt}{space 14}newceo {c |}{col 22}{res}{space 2} .0393347{col 34}{space 2} .1632195{col 45}{space 1}    0.24{col 54}{space 3}0.810{col 62}{space 4} -.281172{col 75}{space 3} .3598414
{txt}{space 16}lage {c |}{col 22}{res}{space 2} -.287626{col 34}{space 2} .7809587{col 45}{space 1}   -0.37{col 54}{space 3}0.713{col 62}{space 4}-1.821159{col 75}{space 3} 1.245907
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2}-.0295085{col 34}{space 2} .1131161{col 45}{space 1}   -0.26{col 54}{space 3}0.794{col 62}{space 4}-.2516295{col 75}{space 3} .1926125
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2} .1993719{col 34}{space 2} .1390032{col 45}{space 1}    1.43{col 54}{space 3}0.152{col 62}{space 4}-.0735823{col 75}{space 3} .4723261
{txt}{space 14}sic2_1 {c |}{col 22}{res}{space 2}-1.947315{col 34}{space 2} .3382093{col 45}{space 1}   -5.76{col 54}{space 3}0.000{col 62}{space 4}-2.611441{col 75}{space 3}-1.283189
{txt}{space 14}sic2_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_4 {c |}{col 22}{res}{space 2}  -3.0745{col 34}{space 2} .3689927{col 45}{space 1}   -8.33{col 54}{space 3}0.000{col 62}{space 4}-3.799074{col 75}{space 3}-2.349926
{txt}{space 14}sic2_5 {c |}{col 22}{res}{space 2}-2.862415{col 34}{space 2} .4232139{col 45}{space 1}   -6.76{col 54}{space 3}0.000{col 62}{space 4} -3.69346{col 75}{space 3}-2.031369
{txt}{space 14}sic2_6 {c |}{col 22}{res}{space 2}-2.503217{col 34}{space 2} .4527279{col 45}{space 1}   -5.53{col 54}{space 3}0.000{col 62}{space 4}-3.392218{col 75}{space 3}-1.614216
{txt}{space 14}sic2_7 {c |}{col 22}{res}{space 2} -2.31356{col 34}{space 2} .3228442{col 45}{space 1}   -7.17{col 54}{space 3}0.000{col 62}{space 4}-2.947514{col 75}{space 3}-1.679605
{txt}{space 14}sic2_8 {c |}{col 22}{res}{space 2}-1.713751{col 34}{space 2} .4755242{col 45}{space 1}   -3.60{col 54}{space 3}0.000{col 62}{space 4}-2.647516{col 75}{space 3}-.7799861
{txt}{space 14}sic2_9 {c |}{col 22}{res}{space 2} .8414469{col 34}{space 2} .3188216{col 45}{space 1}    2.64{col 54}{space 3}0.009{col 62}{space 4} .2153914{col 75}{space 3} 1.467502
{txt}{space 13}sic2_10 {c |}{col 22}{res}{space 2}-1.041225{col 34}{space 2} .1973806{col 45}{space 1}   -5.28{col 54}{space 3}0.000{col 62}{space 4}-1.428813{col 75}{space 3} -.653638
{txt}{space 13}sic2_11 {c |}{col 22}{res}{space 2}-1.276296{col 34}{space 2} .3739878{col 45}{space 1}   -3.41{col 54}{space 3}0.001{col 62}{space 4}-2.010679{col 75}{space 3}-.5419134
{txt}{space 13}sic2_12 {c |}{col 22}{res}{space 2}-1.717111{col 34}{space 2} .2324801{col 45}{space 1}   -7.39{col 54}{space 3}0.000{col 62}{space 4}-2.173622{col 75}{space 3}-1.260601
{txt}{space 13}sic2_13 {c |}{col 22}{res}{space 2}-2.402742{col 34}{space 2} .2841065{col 45}{space 1}   -8.46{col 54}{space 3}0.000{col 62}{space 4}-2.960629{col 75}{space 3}-1.844855
{txt}{space 13}sic2_14 {c |}{col 22}{res}{space 2}-3.423106{col 34}{space 2} .4816545{col 45}{space 1}   -7.11{col 54}{space 3}0.000{col 62}{space 4}-4.368909{col 75}{space 3}-2.477303
{txt}{space 13}sic2_15 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_16 {c |}{col 22}{res}{space 2}-2.148219{col 34}{space 2} .2180333{col 45}{space 1}   -9.85{col 54}{space 3}0.000{col 62}{space 4}-2.576361{col 75}{space 3}-1.720077
{txt}{space 13}sic2_17 {c |}{col 22}{res}{space 2}-2.893669{col 34}{space 2} .2392514{col 45}{space 1}  -12.09{col 54}{space 3}0.000{col 62}{space 4}-3.363477{col 75}{space 3}-2.423862
{txt}{space 13}sic2_18 {c |}{col 22}{res}{space 2}-1.609588{col 34}{space 2} .2424928{col 45}{space 1}   -6.64{col 54}{space 3}0.000{col 62}{space 4} -2.08576{col 75}{space 3}-1.133416
{txt}{space 13}sic2_19 {c |}{col 22}{res}{space 2}-1.560525{col 34}{space 2} .4308053{col 45}{space 1}   -3.62{col 54}{space 3}0.000{col 62}{space 4}-2.406477{col 75}{space 3}-.7145718
{txt}{space 13}sic2_20 {c |}{col 22}{res}{space 2}-2.476562{col 34}{space 2} .3765688{col 45}{space 1}   -6.58{col 54}{space 3}0.000{col 62}{space 4}-3.216013{col 75}{space 3}-1.737112
{txt}{space 13}sic2_21 {c |}{col 22}{res}{space 2} -1.29437{col 34}{space 2} .2875674{col 45}{space 1}   -4.50{col 54}{space 3}0.000{col 62}{space 4}-1.859053{col 75}{space 3}-.7296872
{txt}{space 13}sic2_22 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_23 {c |}{col 22}{res}{space 2}-2.063267{col 34}{space 2} .4609443{col 45}{space 1}   -4.48{col 54}{space 3}0.000{col 62}{space 4}-2.968402{col 75}{space 3}-1.158132
{txt}{space 13}sic2_24 {c |}{col 22}{res}{space 2}-2.168774{col 34}{space 2} .4571486{col 45}{space 1}   -4.74{col 54}{space 3}0.000{col 62}{space 4}-3.066455{col 75}{space 3}-1.271092
{txt}{space 13}sic2_25 {c |}{col 22}{res}{space 2}-1.699643{col 34}{space 2} .2775474{col 45}{space 1}   -6.12{col 54}{space 3}0.000{col 62}{space 4} -2.24465{col 75}{space 3}-1.154636
{txt}{space 13}sic2_26 {c |}{col 22}{res}{space 2}-1.285828{col 34}{space 2} .2801134{col 45}{space 1}   -4.59{col 54}{space 3}0.000{col 62}{space 4}-1.835874{col 75}{space 3}-.7357825
{txt}{space 13}sic2_27 {c |}{col 22}{res}{space 2}-1.785647{col 34}{space 2} .3178932{col 45}{space 1}   -5.62{col 54}{space 3}0.000{col 62}{space 4}-2.409879{col 75}{space 3}-1.161414
{txt}{space 13}sic2_28 {c |}{col 22}{res}{space 2}-2.365269{col 34}{space 2} .3617138{col 45}{space 1}   -6.54{col 54}{space 3}0.000{col 62}{space 4} -3.07555{col 75}{space 3}-1.654988
{txt}{space 13}sic2_29 {c |}{col 22}{res}{space 2}-1.675034{col 34}{space 2} .6328437{col 45}{space 1}   -2.65{col 54}{space 3}0.008{col 62}{space 4} -2.91772{col 75}{space 3}-.4323473
{txt}{space 13}sic2_30 {c |}{col 22}{res}{space 2}-.2300388{col 34}{space 2} .2596911{col 45}{space 1}   -0.89{col 54}{space 3}0.376{col 62}{space 4}-.7399825{col 75}{space 3} .2799048
{txt}{space 13}sic2_31 {c |}{col 22}{res}{space 2}-4.555177{col 34}{space 2} .4701189{col 45}{space 1}   -9.69{col 54}{space 3}0.000{col 62}{space 4}-5.478328{col 75}{space 3}-3.632026
{txt}{space 13}sic2_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_33 {c |}{col 22}{res}{space 2}-2.887436{col 34}{space 2} .3098778{col 45}{space 1}   -9.32{col 54}{space 3}0.000{col 62}{space 4}-3.495928{col 75}{space 3}-2.278943
{txt}{space 13}sic2_34 {c |}{col 22}{res}{space 2}-3.444642{col 34}{space 2} .3772348{col 45}{space 1}   -9.13{col 54}{space 3}0.000{col 62}{space 4}-4.185401{col 75}{space 3}-2.703883
{txt}{space 13}sic2_35 {c |}{col 22}{res}{space 2}-1.205581{col 34}{space 2} .3555396{col 45}{space 1}   -3.39{col 54}{space 3}0.001{col 62}{space 4}-1.903738{col 75}{space 3}-.5074245
{txt}{space 13}sic2_36 {c |}{col 22}{res}{space 2} -2.14951{col 34}{space 2} .3654686{col 45}{space 1}   -5.88{col 54}{space 3}0.000{col 62}{space 4}-2.867164{col 75}{space 3}-1.431856
{txt}{space 13}sic2_37 {c |}{col 22}{res}{space 2}-2.185219{col 34}{space 2} .2665996{col 45}{space 1}   -8.20{col 54}{space 3}0.000{col 62}{space 4}-2.708728{col 75}{space 3}-1.661709
{txt}{space 13}sic2_38 {c |}{col 22}{res}{space 2}-.5269889{col 34}{space 2} .5362026{col 45}{space 1}   -0.98{col 54}{space 3}0.326{col 62}{space 4}-1.579905{col 75}{space 3} .5259277
{txt}{space 13}sic2_39 {c |}{col 22}{res}{space 2}-3.169878{col 34}{space 2} .3241582{col 45}{space 1}   -9.78{col 54}{space 3}0.000{col 62}{space 4}-3.806413{col 75}{space 3}-2.533343
{txt}{space 13}sic2_40 {c |}{col 22}{res}{space 2}-2.823848{col 34}{space 2} .2741849{col 45}{space 1}  -10.30{col 54}{space 3}0.000{col 62}{space 4}-3.362252{col 75}{space 3}-2.285443
{txt}{space 13}sic2_41 {c |}{col 22}{res}{space 2}-1.296988{col 34}{space 2} .3949216{col 45}{space 1}   -3.28{col 54}{space 3}0.001{col 62}{space 4}-2.072477{col 75}{space 3}-.5214981
{txt}{space 13}sic2_42 {c |}{col 22}{res}{space 2}-.4698405{col 34}{space 2} .3558474{col 45}{space 1}   -1.32{col 54}{space 3}0.187{col 62}{space 4}-1.168602{col 75}{space 3} .2289209
{txt}{space 13}sic2_43 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_44 {c |}{col 22}{res}{space 2}-1.560591{col 34}{space 2} .4016073{col 45}{space 1}   -3.89{col 54}{space 3}0.000{col 62}{space 4}-2.349209{col 75}{space 3} -.771973
{txt}{space 13}sic2_45 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_46 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_47 {c |}{col 22}{res}{space 2}-1.673058{col 34}{space 2} .1518678{col 45}{space 1}  -11.02{col 54}{space 3}0.000{col 62}{space 4}-1.971274{col 75}{space 3}-1.374842
{txt}{space 13}sic2_48 {c |}{col 22}{res}{space 2}-1.258628{col 34}{space 2} .2311736{col 45}{space 1}   -5.44{col 54}{space 3}0.000{col 62}{space 4}-1.712573{col 75}{space 3}-.8046833
{txt}{space 13}sic2_49 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_50 {c |}{col 22}{res}{space 2}-1.875605{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_51 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_52 {c |}{col 22}{res}{space 2}-1.403498{col 34}{space 2} .2813935{col 45}{space 1}   -4.99{col 54}{space 3}0.000{col 62}{space 4}-1.956058{col 75}{space 3}-.8509388
{txt}{space 13}sic2_53 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_54 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_55 {c |}{col 22}{res}{space 2}-3.357553{col 34}{space 2}  .480404{col 45}{space 1}   -6.99{col 54}{space 3}0.000{col 62}{space 4}-4.300901{col 75}{space 3}-2.414206
{txt}{space 13}sic2_56 {c |}{col 22}{res}{space 2}-2.891342{col 34}{space 2} .3062663{col 45}{space 1}   -9.44{col 54}{space 3}0.000{col 62}{space 4}-3.492744{col 75}{space 3}-2.289941
{txt}{space 13}sic2_57 {c |}{col 22}{res}{space 2}-4.376613{col 34}{space 2}  .370621{col 45}{space 1}  -11.81{col 54}{space 3}0.000{col 62}{space 4}-5.104385{col 75}{space 3}-3.648842
{txt}{space 13}sic2_58 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_59 {c |}{col 22}{res}{space 2}-2.178981{col 34}{space 2} .4932421{col 45}{space 1}   -4.42{col 54}{space 3}0.000{col 62}{space 4}-3.147538{col 75}{space 3}-1.210424
{txt}{space 13}sic2_60 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_1 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_4 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_5 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_6 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_7 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_8 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_9 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_10 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_11 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_12 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_13 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_14 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_15 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_16 {c |}{col 22}{res}{space 2} .3773195{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 16}y_17 {c |}{col 22}{res}{space 2} .4395785{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 16}y_18 {c |}{col 22}{res}{space 2} 1.298633{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 16}y_19 {c |}{col 22}{res}{space 2}  1.09956{col 34}{space 2} .1223836{col 45}{space 1}    8.98{col 54}{space 3}0.000{col 62}{space 4} .8592409{col 75}{space 3} 1.339879
{txt}{space 16}y_20 {c |}{col 22}{res}{space 2} 1.099942{col 34}{space 2} .1530743{col 45}{space 1}    7.19{col 54}{space 3}0.000{col 62}{space 4}  .799357{col 75}{space 3} 1.400527
{txt}{space 16}y_21 {c |}{col 22}{res}{space 2} .7580553{col 34}{space 2} .3468815{col 45}{space 1}    2.19{col 54}{space 3}0.029{col 62}{space 4}    .0769{col 75}{space 3} 1.439211
{txt}{space 16}y_22 {c |}{col 22}{res}{space 2} .8648412{col 34}{space 2} .3695553{col 45}{space 1}    2.34{col 54}{space 3}0.020{col 62}{space 4} .1391623{col 75}{space 3}  1.59052
{txt}{space 16}y_23 {c |}{col 22}{res}{space 2} .8622711{col 34}{space 2} .4279947{col 45}{space 1}    2.01{col 54}{space 3}0.044{col 62}{space 4} .0218375{col 75}{space 3} 1.702705
{txt}{space 16}y_24 {c |}{col 22}{res}{space 2} 1.214283{col 34}{space 2} .4128885{col 45}{space 1}    2.94{col 54}{space 3}0.003{col 62}{space 4} .4035122{col 75}{space 3} 2.025053
{txt}{space 16}y_25 {c |}{col 22}{res}{space 2}  1.66655{col 34}{space 2} .5011487{col 45}{space 1}    3.33{col 54}{space 3}0.001{col 62}{space 4}  .682467{col 75}{space 3} 2.650633
{txt}{space 16}y_26 {c |}{col 22}{res}{space 2} 1.678828{col 34}{space 2} .4752866{col 45}{space 1}    3.53{col 54}{space 3}0.000{col 62}{space 4} .7455297{col 75}{space 3} 2.612127
{txt}{space 16}y_27 {c |}{col 22}{res}{space 2} 1.500367{col 34}{space 2} .4790185{col 45}{space 1}    3.13{col 54}{space 3}0.002{col 62}{space 4} .5597404{col 75}{space 3} 2.440994
{txt}{space 16}y_28 {c |}{col 22}{res}{space 2} 1.660934{col 34}{space 2} .3605866{col 45}{space 1}    4.61{col 54}{space 3}0.000{col 62}{space 4} .9528666{col 75}{space 3} 2.369001
{txt}{space 16}y_29 {c |}{col 22}{res}{space 2}   1.5462{col 34}{space 2} .5506238{col 45}{space 1}    2.81{col 54}{space 3}0.005{col 62}{space 4} .4649653{col 75}{space 3} 2.627435
{txt}{space 16}y_30 {c |}{col 22}{res}{space 2} 1.550986{col 34}{space 2} .5200209{col 45}{space 1}    2.98{col 54}{space 3}0.003{col 62}{space 4} .5298448{col 75}{space 3} 2.572128
{txt}{space 16}y_31 {c |}{col 22}{res}{space 2} 1.698011{col 34}{space 2}  .574015{col 45}{space 1}    2.96{col 54}{space 3}0.003{col 62}{space 4} .5708441{col 75}{space 3} 2.825178
{txt}{space 16}y_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 15}_cons {c |}{col 22}{res}{space 2}  11.9685{col 34}{space 2}  2.57912{col 45}{space 1}    4.64{col 54}{space 3}0.000{col 62}{space 4} 6.903999{col 75}{space 3}   17.033
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
 
     SE clustered by cic and fyear (multiple obs per cic-fyear)
 

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. cluster2 lfeeratio vmem vmem_nonrtw nonrtw logat leverageW lfirmage tangibilityW rdassetsW roaW  lagstdebitdaassets5W newceo lage ltenure ceochair  sic2_* y_*, tcluster(fyear) fcluster(cic) 
 
{txt}Linear regression with 2D clustered SEs{col 56}Number of obs = {res}    548
{txt}{col 56}F( 64,   409) ={res}       .
{txt}{col 56}Prob > F      ={res}       .
{txt}Number of clusters (cic) = {col 31}{res}   79{txt}{col 56}R-squared     ={res}  0.2330
{txt}Number of clusters (fyear) = {col 31}{res}   17{txt}{col 56}Root MSE      ={res}  1.4941
{txt}{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}           lfeeratio{col 22}{c |} Coefficient{col 34}  Std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}vmem {c |}{col 22}{res}{space 2}-6.166065{col 34}{space 2} 2.521268{col 45}{space 1}   -2.45{col 54}{space 3}0.015{col 62}{space 4}-11.12233{col 75}{space 3}-1.209804
{txt}{space 9}vmem_nonrtw {c |}{col 22}{res}{space 2} 3.466031{col 34}{space 2} 1.840123{col 45}{space 1}    1.88{col 54}{space 3}0.060{col 62}{space 4}-.1512479{col 75}{space 3} 7.083311
{txt}{space 14}nonrtw {c |}{col 22}{res}{space 2} .0193316{col 34}{space 2} .3185838{col 45}{space 1}    0.06{col 54}{space 3}0.952{col 62}{space 4}-.6069345{col 75}{space 3} .6455976
{txt}{space 15}logat {c |}{col 22}{res}{space 2}-.1397245{col 34}{space 2} .0853694{col 45}{space 1}   -1.64{col 54}{space 3}0.102{col 62}{space 4}-.3075421{col 75}{space 3}  .028093
{txt}{space 11}leverageW {c |}{col 22}{res}{space 2}-.7344095{col 34}{space 2} .6297646{col 45}{space 1}   -1.17{col 54}{space 3}0.244{col 62}{space 4}-1.972389{col 75}{space 3} .5035699
{txt}{space 12}lfirmage {c |}{col 22}{res}{space 2}-.2107587{col 34}{space 2} .1322254{col 45}{space 1}   -1.59{col 54}{space 3}0.112{col 62}{space 4}-.4706849{col 75}{space 3} .0491675
{txt}{space 8}tangibilityW {c |}{col 22}{res}{space 2}-.2938965{col 34}{space 2} .9408604{col 45}{space 1}   -0.31{col 54}{space 3}0.755{col 62}{space 4}-2.143422{col 75}{space 3} 1.555629
{txt}{space 11}rdassetsW {c |}{col 22}{res}{space 2} 7.378001{col 34}{space 2} 2.697293{col 45}{space 1}    2.74{col 54}{space 3}0.007{col 62}{space 4} 2.075714{col 75}{space 3} 12.68029
{txt}{space 16}roaW {c |}{col 22}{res}{space 2}-2.035741{col 34}{space 2} 1.528919{col 45}{space 1}   -1.33{col 54}{space 3}0.184{col 62}{space 4}-5.041261{col 75}{space 3}  .969778
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2}-1.852716{col 34}{space 2} 2.982663{col 45}{space 1}   -0.62{col 54}{space 3}0.535{col 62}{space 4}-7.715978{col 75}{space 3} 4.010546
{txt}{space 14}newceo {c |}{col 22}{res}{space 2}  .077567{col 34}{space 2} .1925208{col 45}{space 1}    0.40{col 54}{space 3}0.687{col 62}{space 4}-.3008868{col 75}{space 3} .4560208
{txt}{space 16}lage {c |}{col 22}{res}{space 2}-2.469845{col 34}{space 2} 1.249308{col 45}{space 1}   -1.98{col 54}{space 3}0.049{col 62}{space 4} -4.92571{col 75}{space 3}-.0139797
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2} .0500355{col 34}{space 2} .1428215{col 45}{space 1}    0.35{col 54}{space 3}0.726{col 62}{space 4}-.2307203{col 75}{space 3} .3307912
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2} .2244058{col 34}{space 2} .2375111{col 45}{space 1}    0.94{col 54}{space 3}0.345{col 62}{space 4} -.242489{col 75}{space 3} .6913007
{txt}{space 14}sic2_1 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_4 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_5 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_6 {c |}{col 22}{res}{space 2}-6.113187{col 34}{space 2} 1.318258{col 45}{space 1}   -4.64{col 54}{space 3}0.000{col 62}{space 4}-8.704593{col 75}{space 3}-3.521781
{txt}{space 14}sic2_7 {c |}{col 22}{res}{space 2}-5.908159{col 34}{space 2} 1.496853{col 45}{space 1}   -3.95{col 54}{space 3}0.000{col 62}{space 4}-8.850645{col 75}{space 3}-2.965674
{txt}{space 14}sic2_8 {c |}{col 22}{res}{space 2}-5.221542{col 34}{space 2} 1.518939{col 45}{space 1}   -3.44{col 54}{space 3}0.001{col 62}{space 4}-8.207443{col 75}{space 3}-2.235641
{txt}{space 14}sic2_9 {c |}{col 22}{res}{space 2}-6.415659{col 34}{space 2} 1.665754{col 45}{space 1}   -3.85{col 54}{space 3}0.000{col 62}{space 4}-9.690166{col 75}{space 3}-3.141152
{txt}{space 13}sic2_10 {c |}{col 22}{res}{space 2}-7.810512{col 34}{space 2} 1.659422{col 45}{space 1}   -4.71{col 54}{space 3}0.000{col 62}{space 4}-11.07257{col 75}{space 3}-4.548451
{txt}{space 13}sic2_11 {c |}{col 22}{res}{space 2}-5.913175{col 34}{space 2} 1.436838{col 45}{space 1}   -4.12{col 54}{space 3}0.000{col 62}{space 4}-8.737683{col 75}{space 3}-3.088667
{txt}{space 13}sic2_12 {c |}{col 22}{res}{space 2}-6.075899{col 34}{space 2} 1.822879{col 45}{space 1}   -3.33{col 54}{space 3}0.001{col 62}{space 4} -9.65928{col 75}{space 3}-2.492518
{txt}{space 13}sic2_13 {c |}{col 22}{res}{space 2}-6.073881{col 34}{space 2} 1.830821{col 45}{space 1}   -3.32{col 54}{space 3}0.001{col 62}{space 4}-9.672874{col 75}{space 3}-2.474888
{txt}{space 13}sic2_14 {c |}{col 22}{res}{space 2}-5.896672{col 34}{space 2} 1.558853{col 45}{space 1}   -3.78{col 54}{space 3}0.000{col 62}{space 4}-8.961035{col 75}{space 3}-2.832309
{txt}{space 13}sic2_15 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_16 {c |}{col 22}{res}{space 2}-4.855495{col 34}{space 2} 1.601265{col 45}{space 1}   -3.03{col 54}{space 3}0.003{col 62}{space 4}-8.003232{col 75}{space 3}-1.707758
{txt}{space 13}sic2_17 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_18 {c |}{col 22}{res}{space 2}-5.819193{col 34}{space 2} 2.022116{col 45}{space 1}   -2.88{col 54}{space 3}0.004{col 62}{space 4} -9.79423{col 75}{space 3}-1.844155
{txt}{space 13}sic2_19 {c |}{col 22}{res}{space 2}-6.712356{col 34}{space 2} 1.639535{col 45}{space 1}   -4.09{col 54}{space 3}0.000{col 62}{space 4}-9.935323{col 75}{space 3}-3.489389
{txt}{space 13}sic2_20 {c |}{col 22}{res}{space 2}-5.959837{col 34}{space 2}  1.78036{col 45}{space 1}   -3.35{col 54}{space 3}0.001{col 62}{space 4}-9.459635{col 75}{space 3}-2.460039
{txt}{space 13}sic2_21 {c |}{col 22}{res}{space 2}-5.710301{col 34}{space 2}  1.78215{col 45}{space 1}   -3.20{col 54}{space 3}0.001{col 62}{space 4}-9.213617{col 75}{space 3}-2.206984
{txt}{space 13}sic2_22 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_23 {c |}{col 22}{res}{space 2}-5.424127{col 34}{space 2} 1.775433{col 45}{space 1}   -3.06{col 54}{space 3}0.002{col 62}{space 4}-8.914239{col 75}{space 3}-1.934015
{txt}{space 13}sic2_24 {c |}{col 22}{res}{space 2}-5.996717{col 34}{space 2}  1.61053{col 45}{space 1}   -3.72{col 54}{space 3}0.000{col 62}{space 4}-9.162667{col 75}{space 3}-2.830767
{txt}{space 13}sic2_25 {c |}{col 22}{res}{space 2}-6.685867{col 34}{space 2} 1.708713{col 45}{space 1}   -3.91{col 54}{space 3}0.000{col 62}{space 4}-10.04482{col 75}{space 3}-3.326911
{txt}{space 13}sic2_26 {c |}{col 22}{res}{space 2}-6.094668{col 34}{space 2} 1.724635{col 45}{space 1}   -3.53{col 54}{space 3}0.000{col 62}{space 4}-9.484924{col 75}{space 3}-2.704413
{txt}{space 13}sic2_27 {c |}{col 22}{res}{space 2}-6.772646{col 34}{space 2} 1.753284{col 45}{space 1}   -3.86{col 54}{space 3}0.000{col 62}{space 4}-10.21922{col 75}{space 3}-3.326073
{txt}{space 13}sic2_28 {c |}{col 22}{res}{space 2}-5.706836{col 34}{space 2}  1.63709{col 45}{space 1}   -3.49{col 54}{space 3}0.001{col 62}{space 4}-8.924997{col 75}{space 3}-2.488675
{txt}{space 13}sic2_29 {c |}{col 22}{res}{space 2}-6.700843{col 34}{space 2} 1.950023{col 45}{space 1}   -3.44{col 54}{space 3}0.001{col 62}{space 4}-10.53416{col 75}{space 3}-2.867525
{txt}{space 13}sic2_30 {c |}{col 22}{res}{space 2}-8.484667{col 34}{space 2} 1.746709{col 45}{space 1}   -4.86{col 54}{space 3}0.000{col 62}{space 4}-11.91831{col 75}{space 3}-5.051019
{txt}{space 13}sic2_31 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_33 {c |}{col 22}{res}{space 2}-7.186543{col 34}{space 2} 1.398826{col 45}{space 1}   -5.14{col 54}{space 3}0.000{col 62}{space 4}-9.936329{col 75}{space 3}-4.436758
{txt}{space 13}sic2_34 {c |}{col 22}{res}{space 2}-2.965163{col 34}{space 2} 1.173143{col 45}{space 1}   -2.53{col 54}{space 3}0.012{col 62}{space 4}-5.271306{col 75}{space 3}  -.65902
{txt}{space 13}sic2_35 {c |}{col 22}{res}{space 2}-5.735067{col 34}{space 2} .8356854{col 45}{space 1}   -6.86{col 54}{space 3}0.000{col 62}{space 4}-7.377842{col 75}{space 3}-4.092293
{txt}{space 13}sic2_36 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_37 {c |}{col 22}{res}{space 2}-5.846129{col 34}{space 2} 1.669317{col 45}{space 1}   -3.50{col 54}{space 3}0.001{col 62}{space 4}-9.127641{col 75}{space 3}-2.564616
{txt}{space 13}sic2_38 {c |}{col 22}{res}{space 2}-7.778652{col 34}{space 2} 1.872228{col 45}{space 1}   -4.15{col 54}{space 3}0.000{col 62}{space 4}-11.45904{col 75}{space 3}-4.098261
{txt}{space 13}sic2_39 {c |}{col 22}{res}{space 2}-5.922239{col 34}{space 2} 1.966501{col 45}{space 1}   -3.01{col 54}{space 3}0.003{col 62}{space 4} -9.78795{col 75}{space 3}-2.056528
{txt}{space 13}sic2_40 {c |}{col 22}{res}{space 2} -5.10852{col 34}{space 2} 1.740028{col 45}{space 1}   -2.94{col 54}{space 3}0.004{col 62}{space 4}-8.529035{col 75}{space 3}-1.688005
{txt}{space 13}sic2_41 {c |}{col 22}{res}{space 2}-6.203967{col 34}{space 2} 1.769752{col 45}{space 1}   -3.51{col 54}{space 3}0.001{col 62}{space 4}-9.682911{col 75}{space 3}-2.725022
{txt}{space 13}sic2_42 {c |}{col 22}{res}{space 2}-6.812097{col 34}{space 2} 1.425904{col 45}{space 1}   -4.78{col 54}{space 3}0.000{col 62}{space 4}-9.615111{col 75}{space 3}-4.009082
{txt}{space 13}sic2_43 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_44 {c |}{col 22}{res}{space 2}-7.601424{col 34}{space 2} 2.155333{col 45}{space 1}   -3.53{col 54}{space 3}0.000{col 62}{space 4}-11.83834{col 75}{space 3}-3.364512
{txt}{space 13}sic2_45 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_46 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_47 {c |}{col 22}{res}{space 2}-5.036199{col 34}{space 2} 1.616205{col 45}{space 1}   -3.12{col 54}{space 3}0.002{col 62}{space 4}-8.213304{col 75}{space 3}-1.859094
{txt}{space 13}sic2_48 {c |}{col 22}{res}{space 2}-6.452699{col 34}{space 2} 1.997728{col 45}{space 1}   -3.23{col 54}{space 3}0.001{col 62}{space 4}-10.37979{col 75}{space 3}-2.525604
{txt}{space 13}sic2_49 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_50 {c |}{col 22}{res}{space 2}-6.925463{col 34}{space 2} 1.635626{col 45}{space 1}   -4.23{col 54}{space 3}0.000{col 62}{space 4}-10.14075{col 75}{space 3}-3.710181
{txt}{space 13}sic2_51 {c |}{col 22}{res}{space 2}-7.957719{col 34}{space 2} 1.916653{col 45}{space 1}   -4.15{col 54}{space 3}0.000{col 62}{space 4}-11.72544{col 75}{space 3}-4.189999
{txt}{space 13}sic2_52 {c |}{col 22}{res}{space 2}-6.696559{col 34}{space 2} 1.826583{col 45}{space 1}   -3.67{col 54}{space 3}0.000{col 62}{space 4}-10.28722{col 75}{space 3}-3.105897
{txt}{space 13}sic2_53 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_54 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_55 {c |}{col 22}{res}{space 2}-5.881123{col 34}{space 2} 1.618435{col 45}{space 1}   -3.63{col 54}{space 3}0.000{col 62}{space 4}-9.062612{col 75}{space 3}-2.699635
{txt}{space 13}sic2_56 {c |}{col 22}{res}{space 2}-4.842489{col 34}{space 2} 1.684877{col 45}{space 1}   -2.87{col 54}{space 3}0.004{col 62}{space 4}-8.154588{col 75}{space 3} -1.53039
{txt}{space 13}sic2_57 {c |}{col 22}{res}{space 2}-8.448787{col 34}{space 2}  2.02675{col 45}{space 1}   -4.17{col 54}{space 3}0.000{col 62}{space 4}-12.43293{col 75}{space 3}-4.464641
{txt}{space 13}sic2_58 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_59 {c |}{col 22}{res}{space 2}-5.501901{col 34}{space 2} 1.792045{col 45}{space 1}   -3.07{col 54}{space 3}0.002{col 62}{space 4}-9.024669{col 75}{space 3}-1.979133
{txt}{space 13}sic2_60 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_1 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_4 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_5 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_6 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_7 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_8 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_9 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_10 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_11 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_12 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_13 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_14 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_15 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_16 {c |}{col 22}{res}{space 2} 1.263901{col 34}{space 2}   .89671{col 45}{space 1}    1.41{col 54}{space 3}0.159{col 62}{space 4}-.4988348{col 75}{space 3} 3.026636
{txt}{space 16}y_17 {c |}{col 22}{res}{space 2}-.1503226{col 34}{space 2}  .585706{col 45}{space 1}   -0.26{col 54}{space 3}0.798{col 62}{space 4}-1.301692{col 75}{space 3} 1.001047
{txt}{space 16}y_18 {c |}{col 22}{res}{space 2}-.3686441{col 34}{space 2} .7581211{col 45}{space 1}   -0.49{col 54}{space 3}0.627{col 62}{space 4}-1.858944{col 75}{space 3} 1.121656
{txt}{space 16}y_19 {c |}{col 22}{res}{space 2}-.4015081{col 34}{space 2} .7007892{col 45}{space 1}   -0.57{col 54}{space 3}0.567{col 62}{space 4}-1.779106{col 75}{space 3}   .97609
{txt}{space 16}y_20 {c |}{col 22}{res}{space 2}-.2170294{col 34}{space 2} .6415663{col 45}{space 1}   -0.34{col 54}{space 3}0.735{col 62}{space 4}-1.478208{col 75}{space 3} 1.044149
{txt}{space 16}y_21 {c |}{col 22}{res}{space 2} .5230292{col 34}{space 2} .6892953{col 45}{space 1}    0.76{col 54}{space 3}0.448{col 62}{space 4}-.8319744{col 75}{space 3} 1.878033
{txt}{space 16}y_22 {c |}{col 22}{res}{space 2} .2738293{col 34}{space 2} .6192278{col 45}{space 1}    0.44{col 54}{space 3}0.659{col 62}{space 4}-.9434369{col 75}{space 3} 1.491096
{txt}{space 16}y_23 {c |}{col 22}{res}{space 2}-.0353754{col 34}{space 2} .5931781{col 45}{space 1}   -0.06{col 54}{space 3}0.952{col 62}{space 4}-1.201434{col 75}{space 3} 1.130683
{txt}{space 16}y_24 {c |}{col 22}{res}{space 2}-.1377717{col 34}{space 2} .8758051{col 45}{space 1}   -0.16{col 54}{space 3}0.875{col 62}{space 4}-1.859413{col 75}{space 3} 1.583869
{txt}{space 16}y_25 {c |}{col 22}{res}{space 2}-.0701336{col 34}{space 2}  .760122{col 45}{space 1}   -0.09{col 54}{space 3}0.927{col 62}{space 4}-1.564367{col 75}{space 3}   1.4241
{txt}{space 16}y_26 {c |}{col 22}{res}{space 2} .1386914{col 34}{space 2} .7294242{col 45}{space 1}    0.19{col 54}{space 3}0.849{col 62}{space 4}-1.295197{col 75}{space 3}  1.57258
{txt}{space 16}y_27 {c |}{col 22}{res}{space 2} .1417251{col 34}{space 2} .7559742{col 45}{space 1}    0.19{col 54}{space 3}0.851{col 62}{space 4}-1.344355{col 75}{space 3} 1.627805
{txt}{space 16}y_28 {c |}{col 22}{res}{space 2}-.6148854{col 34}{space 2} .7414521{col 45}{space 1}   -0.83{col 54}{space 3}0.407{col 62}{space 4}-2.072418{col 75}{space 3} .8426471
{txt}{space 16}y_29 {c |}{col 22}{res}{space 2} .0333897{col 34}{space 2} .7616349{col 45}{space 1}    0.04{col 54}{space 3}0.965{col 62}{space 4}-1.463818{col 75}{space 3} 1.530597
{txt}{space 16}y_30 {c |}{col 22}{res}{space 2} .4427852{col 34}{space 2}  .739329{col 45}{space 1}    0.60{col 54}{space 3}0.550{col 62}{space 4}-1.010574{col 75}{space 3} 1.896144
{txt}{space 16}y_31 {c |}{col 22}{res}{space 2} .5167279{col 34}{space 2} .7615202{col 45}{space 1}    0.68{col 54}{space 3}0.498{col 62}{space 4} -.980254{col 75}{space 3}  2.01371
{txt}{space 16}y_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 15}_cons {c |}{col 22}{res}{space 2}  17.1953{col 34}{space 2} 5.684975{col 45}{space 1}    3.02{col 54}{space 3}0.003{col 62}{space 4} 6.019882{col 75}{space 3} 28.37072
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
 
     SE clustered by cic and fyear (multiple obs per cic-fyear)
 

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. cluster2 ltotal_fees union_perc unionperc_nonrtw nonrtw logat leverageW lfirmage tangibilityW rdassetsW roaW  lagstdebitdaassets5W newceo lage ltenure ceochair  sic2_* y_*, tcluster(fyear) fcluster(gvkey) 
 
{txt}Linear regression with 2D clustered SEs{col 56}Number of obs = {res}    450
{txt}{col 56}F( 66,   377) ={res}       .
{txt}{col 56}Prob > F      ={res}       .
{txt}Number of clusters (gvkey) = {col 31}{res}  160{txt}{col 56}R-squared     ={res}  0.3425
{txt}Number of clusters (fyear) = {col 31}{res}   17{txt}{col 56}Root MSE      ={res}  0.8175
{txt}{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}         ltotal_fees{col 22}{c |} Coefficient{col 34}  Std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}union_perc {c |}{col 22}{res}{space 2}-.3743215{col 34}{space 2} .3559195{col 45}{space 1}   -1.05{col 54}{space 3}0.294{col 62}{space 4}-1.074157{col 75}{space 3} .3255146
{txt}{space 4}unionperc_nonrtw {c |}{col 22}{res}{space 2} .0715398{col 34}{space 2} .3747868{col 45}{space 1}    0.19{col 54}{space 3}0.849{col 62}{space 4}-.6653947{col 75}{space 3} .8084743
{txt}{space 14}nonrtw {c |}{col 22}{res}{space 2}-.1365421{col 34}{space 2} .2071675{col 45}{space 1}   -0.66{col 54}{space 3}0.510{col 62}{space 4}-.5438906{col 75}{space 3} .2708064
{txt}{space 15}logat {c |}{col 22}{res}{space 2} .1721296{col 34}{space 2} .0518796{col 45}{space 1}    3.32{col 54}{space 3}0.001{col 62}{space 4} .0701201{col 75}{space 3} .2741392
{txt}{space 11}leverageW {c |}{col 22}{res}{space 2} .5309169{col 34}{space 2} .4340121{col 45}{space 1}    1.22{col 54}{space 3}0.222{col 62}{space 4}-.3224708{col 75}{space 3} 1.384305
{txt}{space 12}lfirmage {c |}{col 22}{res}{space 2}-.1290783{col 34}{space 2} .0724907{col 45}{space 1}   -1.78{col 54}{space 3}0.076{col 62}{space 4}-.2716151{col 75}{space 3} .0134586
{txt}{space 8}tangibilityW {c |}{col 22}{res}{space 2} .9310721{col 34}{space 2} .5914882{col 45}{space 1}    1.57{col 54}{space 3}0.116{col 62}{space 4}-.2319572{col 75}{space 3} 2.094101
{txt}{space 11}rdassetsW {c |}{col 22}{res}{space 2} .6416574{col 34}{space 2}  1.77079{col 45}{space 1}    0.36{col 54}{space 3}0.717{col 62}{space 4}-2.840205{col 75}{space 3} 4.123519
{txt}{space 16}roaW {c |}{col 22}{res}{space 2} .6260528{col 34}{space 2} .6882797{col 45}{space 1}    0.91{col 54}{space 3}0.364{col 62}{space 4}-.7272954{col 75}{space 3} 1.979401
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2}-1.275911{col 34}{space 2} 1.671397{col 45}{space 1}   -0.76{col 54}{space 3}0.446{col 62}{space 4} -4.56234{col 75}{space 3} 2.010517
{txt}{space 14}newceo {c |}{col 22}{res}{space 2} .2369616{col 34}{space 2} .1584431{col 45}{space 1}    1.50{col 54}{space 3}0.136{col 62}{space 4}-.0745812{col 75}{space 3} .5485045
{txt}{space 16}lage {c |}{col 22}{res}{space 2}-.4662187{col 34}{space 2} .6024931{col 45}{space 1}   -0.77{col 54}{space 3}0.440{col 62}{space 4}-1.650887{col 75}{space 3} .7184492
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2}-.0924819{col 34}{space 2} .1076922{col 45}{space 1}   -0.86{col 54}{space 3}0.391{col 62}{space 4}-.3042344{col 75}{space 3} .1192707
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2} .2155768{col 34}{space 2} .1219314{col 45}{space 1}    1.77{col 54}{space 3}0.078{col 62}{space 4} -.024174{col 75}{space 3} .4553276
{txt}{space 14}sic2_1 {c |}{col 22}{res}{space 2}  2.94693{col 34}{space 2} .4121526{col 45}{space 1}    7.15{col 54}{space 3}0.000{col 62}{space 4} 2.136524{col 75}{space 3} 3.757336
{txt}{space 14}sic2_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_4 {c |}{col 22}{res}{space 2} 2.230471{col 34}{space 2} .3709573{col 45}{space 1}    6.01{col 54}{space 3}0.000{col 62}{space 4} 1.501067{col 75}{space 3} 2.959876
{txt}{space 14}sic2_5 {c |}{col 22}{res}{space 2} 2.020949{col 34}{space 2} .3162012{col 45}{space 1}    6.39{col 54}{space 3}0.000{col 62}{space 4}  1.39921{col 75}{space 3} 2.642688
{txt}{space 14}sic2_6 {c |}{col 22}{res}{space 2} 1.634827{col 34}{space 2}  .310129{col 45}{space 1}    5.27{col 54}{space 3}0.000{col 62}{space 4} 1.025028{col 75}{space 3} 2.244626
{txt}{space 14}sic2_7 {c |}{col 22}{res}{space 2} 1.575687{col 34}{space 2} .4365835{col 45}{space 1}    3.61{col 54}{space 3}0.000{col 62}{space 4} .7172433{col 75}{space 3} 2.434131
{txt}{space 14}sic2_8 {c |}{col 22}{res}{space 2} 2.320135{col 34}{space 2}  .643795{col 45}{space 1}    3.60{col 54}{space 3}0.000{col 62}{space 4} 1.054257{col 75}{space 3} 3.586014
{txt}{space 14}sic2_9 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_10 {c |}{col 22}{res}{space 2} 2.129231{col 34}{space 2} .4357428{col 45}{space 1}    4.89{col 54}{space 3}0.000{col 62}{space 4}  1.27244{col 75}{space 3} 2.986021
{txt}{space 13}sic2_11 {c |}{col 22}{res}{space 2} 2.505166{col 34}{space 2}  .501307{col 45}{space 1}    5.00{col 54}{space 3}0.000{col 62}{space 4} 1.519458{col 75}{space 3} 3.490874
{txt}{space 13}sic2_12 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_13 {c |}{col 22}{res}{space 2} .8753913{col 34}{space 2}  .535998{col 45}{space 1}    1.63{col 54}{space 3}0.103{col 62}{space 4} -.178529{col 75}{space 3} 1.929312
{txt}{space 13}sic2_14 {c |}{col 22}{res}{space 2} .8513338{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_15 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_16 {c |}{col 22}{res}{space 2} 2.343116{col 34}{space 2} .5411233{col 45}{space 1}    4.33{col 54}{space 3}0.000{col 62}{space 4} 1.279118{col 75}{space 3} 3.407114
{txt}{space 13}sic2_17 {c |}{col 22}{res}{space 2} 1.740572{col 34}{space 2} .4100381{col 45}{space 1}    4.24{col 54}{space 3}0.000{col 62}{space 4} .9343241{col 75}{space 3} 2.546821
{txt}{space 13}sic2_18 {c |}{col 22}{res}{space 2}  2.50195{col 34}{space 2} .5946283{col 45}{space 1}    4.21{col 54}{space 3}0.000{col 62}{space 4} 1.332747{col 75}{space 3} 3.671154
{txt}{space 13}sic2_19 {c |}{col 22}{res}{space 2} 1.828265{col 34}{space 2} .3734987{col 45}{space 1}    4.89{col 54}{space 3}0.000{col 62}{space 4} 1.093863{col 75}{space 3} 2.562666
{txt}{space 13}sic2_20 {c |}{col 22}{res}{space 2} 2.452228{col 34}{space 2} .6318256{col 45}{space 1}    3.88{col 54}{space 3}0.000{col 62}{space 4} 1.209884{col 75}{space 3} 3.694572
{txt}{space 13}sic2_21 {c |}{col 22}{res}{space 2} 2.494403{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 13}sic2_22 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_23 {c |}{col 22}{res}{space 2} 2.931518{col 34}{space 2} .5283051{col 45}{space 1}    5.55{col 54}{space 3}0.000{col 62}{space 4} 1.892724{col 75}{space 3} 3.970312
{txt}{space 13}sic2_24 {c |}{col 22}{res}{space 2} 1.864232{col 34}{space 2} .5307813{col 45}{space 1}    3.51{col 54}{space 3}0.000{col 62}{space 4} .8205697{col 75}{space 3} 2.907895
{txt}{space 13}sic2_25 {c |}{col 22}{res}{space 2} 2.545479{col 34}{space 2} .4845339{col 45}{space 1}    5.25{col 54}{space 3}0.000{col 62}{space 4} 1.592751{col 75}{space 3} 3.498206
{txt}{space 13}sic2_26 {c |}{col 22}{res}{space 2} 2.646614{col 34}{space 2} .4887101{col 45}{space 1}    5.42{col 54}{space 3}0.000{col 62}{space 4} 1.685675{col 75}{space 3} 3.607553
{txt}{space 13}sic2_27 {c |}{col 22}{res}{space 2} 1.750516{col 34}{space 2} .4355144{col 45}{space 1}    4.02{col 54}{space 3}0.000{col 62}{space 4} .8941747{col 75}{space 3} 2.606858
{txt}{space 13}sic2_28 {c |}{col 22}{res}{space 2} 2.207633{col 34}{space 2}  .590408{col 45}{space 1}    3.74{col 54}{space 3}0.000{col 62}{space 4} 1.046728{col 75}{space 3} 3.368538
{txt}{space 13}sic2_29 {c |}{col 22}{res}{space 2} 2.494777{col 34}{space 2} .4709245{col 45}{space 1}    5.30{col 54}{space 3}0.000{col 62}{space 4} 1.568809{col 75}{space 3} 3.420745
{txt}{space 13}sic2_30 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_31 {c |}{col 22}{res}{space 2} 1.613571{col 34}{space 2} .2424747{col 45}{space 1}    6.65{col 54}{space 3}0.000{col 62}{space 4} 1.136799{col 75}{space 3} 2.090344
{txt}{space 13}sic2_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_33 {c |}{col 22}{res}{space 2} .5712231{col 34}{space 2} .4837609{col 45}{space 1}    1.18{col 54}{space 3}0.238{col 62}{space 4}-.3799845{col 75}{space 3} 1.522431
{txt}{space 13}sic2_34 {c |}{col 22}{res}{space 2} 1.460763{col 34}{space 2} .4534258{col 45}{space 1}    3.22{col 54}{space 3}0.001{col 62}{space 4} .5692023{col 75}{space 3} 2.352323
{txt}{space 13}sic2_35 {c |}{col 22}{res}{space 2} 1.938525{col 34}{space 2} .5834023{col 45}{space 1}    3.32{col 54}{space 3}0.001{col 62}{space 4} .7913951{col 75}{space 3} 3.085656
{txt}{space 13}sic2_36 {c |}{col 22}{res}{space 2} 2.325709{col 34}{space 2} .5996325{col 45}{space 1}    3.88{col 54}{space 3}0.000{col 62}{space 4} 1.146666{col 75}{space 3} 3.504752
{txt}{space 13}sic2_37 {c |}{col 22}{res}{space 2} 1.887471{col 34}{space 2} .5410171{col 45}{space 1}    3.49{col 54}{space 3}0.001{col 62}{space 4} .8236815{col 75}{space 3}  2.95126
{txt}{space 13}sic2_38 {c |}{col 22}{res}{space 2} 2.064033{col 34}{space 2} .5872916{col 45}{space 1}    3.51{col 54}{space 3}0.000{col 62}{space 4} .9092557{col 75}{space 3} 3.218811
{txt}{space 13}sic2_39 {c |}{col 22}{res}{space 2} 2.029851{col 34}{space 2} .8144438{col 45}{space 1}    2.49{col 54}{space 3}0.013{col 62}{space 4} .4284291{col 75}{space 3} 3.631272
{txt}{space 13}sic2_40 {c |}{col 22}{res}{space 2} 1.186679{col 34}{space 2} .4917505{col 45}{space 1}    2.41{col 54}{space 3}0.016{col 62}{space 4} .2197616{col 75}{space 3} 2.153596
{txt}{space 13}sic2_41 {c |}{col 22}{res}{space 2}  1.41276{col 34}{space 2} .5034387{col 45}{space 1}    2.81{col 54}{space 3}0.005{col 62}{space 4} .4228608{col 75}{space 3}  2.40266
{txt}{space 13}sic2_42 {c |}{col 22}{res}{space 2} 1.998751{col 34}{space 2} .5081746{col 45}{space 1}    3.93{col 54}{space 3}0.000{col 62}{space 4} .9995392{col 75}{space 3} 2.997963
{txt}{space 13}sic2_43 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_44 {c |}{col 22}{res}{space 2}  1.49783{col 34}{space 2}  .158564{col 45}{space 1}    9.45{col 54}{space 3}0.000{col 62}{space 4}  1.18605{col 75}{space 3} 1.809611
{txt}{space 13}sic2_45 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_46 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_47 {c |}{col 22}{res}{space 2} 2.143649{col 34}{space 2} .4618838{col 45}{space 1}    4.64{col 54}{space 3}0.000{col 62}{space 4} 1.235458{col 75}{space 3}  3.05184
{txt}{space 13}sic2_48 {c |}{col 22}{res}{space 2} 2.003325{col 34}{space 2} .5341588{col 45}{space 1}    3.75{col 54}{space 3}0.000{col 62}{space 4} .9530207{col 75}{space 3} 3.053628
{txt}{space 13}sic2_49 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_50 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_51 {c |}{col 22}{res}{space 2} 2.139738{col 34}{space 2} .5701101{col 45}{space 1}    3.75{col 54}{space 3}0.000{col 62}{space 4} 1.018744{col 75}{space 3} 3.260732
{txt}{space 13}sic2_52 {c |}{col 22}{res}{space 2} 2.390769{col 34}{space 2} .4364465{col 45}{space 1}    5.48{col 54}{space 3}0.000{col 62}{space 4} 1.532594{col 75}{space 3} 3.248943
{txt}{space 13}sic2_53 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_54 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_55 {c |}{col 22}{res}{space 2} 1.009141{col 34}{space 2} .2377686{col 45}{space 1}    4.24{col 54}{space 3}0.000{col 62}{space 4} .5416219{col 75}{space 3}  1.47666
{txt}{space 13}sic2_56 {c |}{col 22}{res}{space 2} 1.199971{col 34}{space 2} .6085492{col 45}{space 1}    1.97{col 54}{space 3}0.049{col 62}{space 4}  .003395{col 75}{space 3} 2.396547
{txt}{space 13}sic2_57 {c |}{col 22}{res}{space 2}        0{col 34}{space 2} .6072659{col 45}{space 1}    0.00{col 54}{space 3}1.000{col 62}{space 4}-1.194053{col 75}{space 3} 1.194053
{txt}{space 13}sic2_58 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_59 {c |}{col 22}{res}{space 2} 3.492563{col 34}{space 2} .5864749{col 45}{space 1}    5.96{col 54}{space 3}0.000{col 62}{space 4} 2.339391{col 75}{space 3} 4.645735
{txt}{space 13}sic2_60 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_1 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_4 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_5 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_6 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_7 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_8 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_9 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_10 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_11 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_12 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_13 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_14 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_15 {c |}{col 22}{res}{space 2} 1.645439{col 34}{space 2} .4854729{col 45}{space 1}    3.39{col 54}{space 3}0.001{col 62}{space 4} .6908647{col 75}{space 3} 2.600012
{txt}{space 16}y_16 {c |}{col 22}{res}{space 2} 1.618156{col 34}{space 2} .3788561{col 45}{space 1}    4.27{col 54}{space 3}0.000{col 62}{space 4}   .87322{col 75}{space 3} 2.363092
{txt}{space 16}y_17 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_18 {c |}{col 22}{res}{space 2}  1.14991{col 34}{space 2}        .{col 45}{space 1}       .{col 54}{space 3}    .{col 62}{space 4}        .{col 75}{space 3}        .
{txt}{space 16}y_19 {c |}{col 22}{res}{space 2} 1.178637{col 34}{space 2} .0870342{col 45}{space 1}   13.54{col 54}{space 3}0.000{col 62}{space 4} 1.007504{col 75}{space 3}  1.34977
{txt}{space 16}y_20 {c |}{col 22}{res}{space 2} 1.303898{col 34}{space 2}  .145622{col 45}{space 1}    8.95{col 54}{space 3}0.000{col 62}{space 4} 1.017565{col 75}{space 3} 1.590231
{txt}{space 16}y_21 {c |}{col 22}{res}{space 2} 1.331866{col 34}{space 2} .0836557{col 45}{space 1}   15.92{col 54}{space 3}0.000{col 62}{space 4} 1.167376{col 75}{space 3} 1.496357
{txt}{space 16}y_22 {c |}{col 22}{res}{space 2} 1.469099{col 34}{space 2} .0481827{col 45}{space 1}   30.49{col 54}{space 3}0.000{col 62}{space 4} 1.374359{col 75}{space 3}  1.56384
{txt}{space 16}y_23 {c |}{col 22}{res}{space 2}  1.51166{col 34}{space 2} .0634012{col 45}{space 1}   23.84{col 54}{space 3}0.000{col 62}{space 4} 1.386996{col 75}{space 3} 1.636325
{txt}{space 16}y_24 {c |}{col 22}{res}{space 2}  1.55662{col 34}{space 2} .1597125{col 45}{space 1}    9.75{col 54}{space 3}0.000{col 62}{space 4} 1.242581{col 75}{space 3} 1.870659
{txt}{space 16}y_25 {c |}{col 22}{res}{space 2}  2.00337{col 34}{space 2} .1151398{col 45}{space 1}   17.40{col 54}{space 3}0.000{col 62}{space 4} 1.776973{col 75}{space 3} 2.229767
{txt}{space 16}y_26 {c |}{col 22}{res}{space 2} 1.866839{col 34}{space 2} .1156182{col 45}{space 1}   16.15{col 54}{space 3}0.000{col 62}{space 4} 1.639501{col 75}{space 3} 2.094176
{txt}{space 16}y_27 {c |}{col 22}{res}{space 2} 1.886892{col 34}{space 2} .1456583{col 45}{space 1}   12.95{col 54}{space 3}0.000{col 62}{space 4} 1.600488{col 75}{space 3} 2.173296
{txt}{space 16}y_28 {c |}{col 22}{res}{space 2} 1.220462{col 34}{space 2} .2287648{col 45}{space 1}    5.34{col 54}{space 3}0.000{col 62}{space 4} .7706468{col 75}{space 3} 1.670277
{txt}{space 16}y_29 {c |}{col 22}{res}{space 2} 1.535557{col 34}{space 2} .1275607{col 45}{space 1}   12.04{col 54}{space 3}0.000{col 62}{space 4} 1.284737{col 75}{space 3} 1.786376
{txt}{space 16}y_30 {c |}{col 22}{res}{space 2} 1.610466{col 34}{space 2} .1515953{col 45}{space 1}   10.62{col 54}{space 3}0.000{col 62}{space 4} 1.312388{col 75}{space 3} 1.908544
{txt}{space 16}y_31 {c |}{col 22}{res}{space 2} 1.750118{col 34}{space 2} .2002336{col 45}{space 1}    8.74{col 54}{space 3}0.000{col 62}{space 4} 1.356404{col 75}{space 3} 2.143833
{txt}{space 16}y_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 15}_cons {c |}{col 22}{res}{space 2} 8.972306{col 34}{space 2} 2.399415{col 45}{space 1}    3.74{col 54}{space 3}0.000{col 62}{space 4} 4.254393{col 75}{space 3} 13.69022
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
 
     SE clustered by gvkey and fyear
 

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. cluster2 ltotal_otherfees union_perc unionperc_nonrtw nonrtw logat leverageW lfirmage tangibilityW rdassetsW roaW  lagstdebitdaassets5W newceo lage ltenure ceochair  sic2_* y_*, tcluster(fyear) fcluster(gvkey) 
 
{txt}Linear regression with 2D clustered SEs{col 56}Number of obs = {res}    258
{txt}{col 56}F( 55,   195) ={res}       .
{txt}{col 56}Prob > F      ={res}       .
{txt}Number of clusters (gvkey) = {col 31}{res}  106{txt}{col 56}R-squared     ={res}  0.5804
{txt}Number of clusters (fyear) = {col 31}{res}   17{txt}{col 56}Root MSE      ={res}  1.0440
{txt}{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    ltotal_otherfees{col 22}{c |} Coefficient{col 34}  Std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}union_perc {c |}{col 22}{res}{space 2} 2.105824{col 34}{space 2} 1.172168{col 45}{space 1}    1.80{col 54}{space 3}0.074{col 62}{space 4}-.2059311{col 75}{space 3}  4.41758
{txt}{space 4}unionperc_nonrtw {c |}{col 22}{res}{space 2}-2.265538{col 34}{space 2} 1.046974{col 45}{space 1}   -2.16{col 54}{space 3}0.032{col 62}{space 4}-4.330384{col 75}{space 3}-.2006922
{txt}{space 14}nonrtw {c |}{col 22}{res}{space 2} .2616594{col 34}{space 2} .3497922{col 45}{space 1}    0.75{col 54}{space 3}0.455{col 62}{space 4}-.4282022{col 75}{space 3}  .951521
{txt}{space 15}logat {c |}{col 22}{res}{space 2}  .450115{col 34}{space 2} .0801597{col 45}{space 1}    5.62{col 54}{space 3}0.000{col 62}{space 4} .2920238{col 75}{space 3} .6082063
{txt}{space 11}leverageW {c |}{col 22}{res}{space 2} .5439375{col 34}{space 2} .6493122{col 45}{space 1}    0.84{col 54}{space 3}0.403{col 62}{space 4}-.7366387{col 75}{space 3} 1.824514
{txt}{space 12}lfirmage {c |}{col 22}{res}{space 2} .0401402{col 34}{space 2} .1832791{col 45}{space 1}    0.22{col 54}{space 3}0.827{col 62}{space 4}-.3213237{col 75}{space 3}  .401604
{txt}{space 8}tangibilityW {c |}{col 22}{res}{space 2} 1.757191{col 34}{space 2} 1.566903{col 45}{space 1}    1.12{col 54}{space 3}0.263{col 62}{space 4}-1.333062{col 75}{space 3} 4.847444
{txt}{space 11}rdassetsW {c |}{col 22}{res}{space 2}-6.175253{col 34}{space 2} 3.024377{col 45}{space 1}   -2.04{col 54}{space 3}0.043{col 62}{space 4}-12.13994{col 75}{space 3}-.2105645
{txt}{space 16}roaW {c |}{col 22}{res}{space 2} 2.080346{col 34}{space 2} 2.084683{col 45}{space 1}    1.00{col 54}{space 3}0.320{col 62}{space 4}-2.031075{col 75}{space 3} 6.191767
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2} 5.830793{col 34}{space 2} 3.026116{col 45}{space 1}    1.93{col 54}{space 3}0.055{col 62}{space 4}-.1373248{col 75}{space 3} 11.79891
{txt}{space 14}newceo {c |}{col 22}{res}{space 2}-.1886475{col 34}{space 2} .4195756{col 45}{space 1}   -0.45{col 54}{space 3}0.653{col 62}{space 4}-1.016136{col 75}{space 3} .6388413
{txt}{space 16}lage {c |}{col 22}{res}{space 2} 1.851407{col 34}{space 2} 1.704383{col 45}{space 1}    1.09{col 54}{space 3}0.279{col 62}{space 4}-1.509985{col 75}{space 3} 5.212798
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2}  .015707{col 34}{space 2} .2376373{col 45}{space 1}    0.07{col 54}{space 3}0.947{col 62}{space 4}-.4529623{col 75}{space 3} .4843763
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2} -.491775{col 34}{space 2} .2368474{col 45}{space 1}   -2.08{col 54}{space 3}0.039{col 62}{space 4}-.9588863{col 75}{space 3}-.0246637
{txt}{space 14}sic2_1 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_4 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_5 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_6 {c |}{col 22}{res}{space 2} 3.076154{col 34}{space 2} .8452095{col 45}{space 1}    3.64{col 54}{space 3}0.000{col 62}{space 4} 1.409229{col 75}{space 3}  4.74308
{txt}{space 14}sic2_7 {c |}{col 22}{res}{space 2} 3.791832{col 34}{space 2} .6448055{col 45}{space 1}    5.88{col 54}{space 3}0.000{col 62}{space 4} 2.520144{col 75}{space 3}  5.06352
{txt}{space 14}sic2_8 {c |}{col 22}{res}{space 2} 4.247842{col 34}{space 2} .8809125{col 45}{space 1}    4.82{col 54}{space 3}0.000{col 62}{space 4} 2.510503{col 75}{space 3} 5.985181
{txt}{space 14}sic2_9 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_10 {c |}{col 22}{res}{space 2} 5.302234{col 34}{space 2} .7371506{col 45}{space 1}    7.19{col 54}{space 3}0.000{col 62}{space 4} 3.848422{col 75}{space 3} 6.756045
{txt}{space 13}sic2_11 {c |}{col 22}{res}{space 2} 4.662858{col 34}{space 2} 1.034278{col 45}{space 1}    4.51{col 54}{space 3}0.000{col 62}{space 4} 2.623052{col 75}{space 3} 6.702664
{txt}{space 13}sic2_12 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_13 {c |}{col 22}{res}{space 2} 3.242743{col 34}{space 2} .7894173{col 45}{space 1}    4.11{col 54}{space 3}0.000{col 62}{space 4} 1.685851{col 75}{space 3} 4.799635
{txt}{space 13}sic2_14 {c |}{col 22}{res}{space 2} 3.401524{col 34}{space 2} .9116194{col 45}{space 1}    3.73{col 54}{space 3}0.000{col 62}{space 4} 1.603625{col 75}{space 3} 5.199424
{txt}{space 13}sic2_15 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_16 {c |}{col 22}{res}{space 2} 3.910647{col 34}{space 2}  1.17683{col 45}{space 1}    3.32{col 54}{space 3}0.001{col 62}{space 4} 1.589697{col 75}{space 3} 6.231596
{txt}{space 13}sic2_17 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_18 {c |}{col 22}{res}{space 2} 3.268764{col 34}{space 2} .5723311{col 45}{space 1}    5.71{col 54}{space 3}0.000{col 62}{space 4} 2.140011{col 75}{space 3} 4.397518
{txt}{space 13}sic2_19 {c |}{col 22}{res}{space 2} 4.585851{col 34}{space 2} .9430471{col 45}{space 1}    4.86{col 54}{space 3}0.000{col 62}{space 4}  2.72597{col 75}{space 3} 6.445732
{txt}{space 13}sic2_20 {c |}{col 22}{res}{space 2}  2.51217{col 34}{space 2} .9427005{col 45}{space 1}    2.66{col 54}{space 3}0.008{col 62}{space 4} .6529721{col 75}{space 3} 4.371368
{txt}{space 13}sic2_21 {c |}{col 22}{res}{space 2} 3.272211{col 34}{space 2} 1.151093{col 45}{space 1}    2.84{col 54}{space 3}0.005{col 62}{space 4} 1.002022{col 75}{space 3} 5.542401
{txt}{space 13}sic2_22 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_23 {c |}{col 22}{res}{space 2} 2.848966{col 34}{space 2} 1.383575{col 45}{space 1}    2.06{col 54}{space 3}0.041{col 62}{space 4} .1202736{col 75}{space 3} 5.577658
{txt}{space 13}sic2_24 {c |}{col 22}{res}{space 2} 2.806305{col 34}{space 2} 1.039035{col 45}{space 1}    2.70{col 54}{space 3}0.008{col 62}{space 4} .7571157{col 75}{space 3} 4.855494
{txt}{space 13}sic2_25 {c |}{col 22}{res}{space 2} 4.878878{col 34}{space 2} 1.368745{col 45}{space 1}    3.56{col 54}{space 3}0.000{col 62}{space 4} 2.179433{col 75}{space 3} 7.578323
{txt}{space 13}sic2_26 {c |}{col 22}{res}{space 2} 4.296124{col 34}{space 2} 1.105333{col 45}{space 1}    3.89{col 54}{space 3}0.000{col 62}{space 4} 2.116182{col 75}{space 3} 6.476065
{txt}{space 13}sic2_27 {c |}{col 22}{res}{space 2} 3.238253{col 34}{space 2} 1.012869{col 45}{space 1}    3.20{col 54}{space 3}0.002{col 62}{space 4} 1.240669{col 75}{space 3} 5.235836
{txt}{space 13}sic2_28 {c |}{col 22}{res}{space 2} 4.292481{col 34}{space 2} 1.041236{col 45}{space 1}    4.12{col 54}{space 3}0.000{col 62}{space 4} 2.238951{col 75}{space 3} 6.346011
{txt}{space 13}sic2_29 {c |}{col 22}{res}{space 2} 4.020501{col 34}{space 2} 1.163117{col 45}{space 1}    3.46{col 54}{space 3}0.001{col 62}{space 4} 1.726597{col 75}{space 3} 6.314404
{txt}{space 13}sic2_30 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_31 {c |}{col 22}{res}{space 2}-.6900419{col 34}{space 2}  1.38673{col 45}{space 1}   -0.50{col 54}{space 3}0.619{col 62}{space 4}-3.424956{col 75}{space 3} 2.044872
{txt}{space 13}sic2_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_33 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_34 {c |}{col 22}{res}{space 2}-.2981817{col 34}{space 2} 1.547259{col 45}{space 1}   -0.19{col 54}{space 3}0.847{col 62}{space 4}-3.349693{col 75}{space 3}  2.75333
{txt}{space 13}sic2_35 {c |}{col 22}{res}{space 2} 3.332508{col 34}{space 2} 1.044902{col 45}{space 1}    3.19{col 54}{space 3}0.002{col 62}{space 4} 1.271748{col 75}{space 3} 5.393268
{txt}{space 13}sic2_36 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_37 {c |}{col 22}{res}{space 2} 3.933803{col 34}{space 2} .7942452{col 45}{space 1}    4.95{col 54}{space 3}0.000{col 62}{space 4} 2.367389{col 75}{space 3} 5.500216
{txt}{space 13}sic2_38 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_39 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_40 {c |}{col 22}{res}{space 2} 1.952792{col 34}{space 2} .8109137{col 45}{space 1}    2.41{col 54}{space 3}0.017{col 62}{space 4} .3535047{col 75}{space 3} 3.552079
{txt}{space 13}sic2_41 {c |}{col 22}{res}{space 2}  2.88379{col 34}{space 2}  .823364{col 45}{space 1}    3.50{col 54}{space 3}0.001{col 62}{space 4} 1.259948{col 75}{space 3} 4.507632
{txt}{space 13}sic2_42 {c |}{col 22}{res}{space 2} 4.784218{col 34}{space 2} .9893493{col 45}{space 1}    4.84{col 54}{space 3}0.000{col 62}{space 4} 2.833019{col 75}{space 3} 6.735417
{txt}{space 13}sic2_43 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_44 {c |}{col 22}{res}{space 2} 4.499938{col 34}{space 2} 1.342679{col 45}{space 1}    3.35{col 54}{space 3}0.001{col 62}{space 4} 1.851901{col 75}{space 3} 7.147975
{txt}{space 13}sic2_45 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_46 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_47 {c |}{col 22}{res}{space 2}   3.8057{col 34}{space 2} .8593666{col 45}{space 1}    4.43{col 54}{space 3}0.000{col 62}{space 4} 2.110854{col 75}{space 3} 5.500546
{txt}{space 13}sic2_48 {c |}{col 22}{res}{space 2} 4.475653{col 34}{space 2} .8735814{col 45}{space 1}    5.12{col 54}{space 3}0.000{col 62}{space 4} 2.752772{col 75}{space 3} 6.198534
{txt}{space 13}sic2_49 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_50 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_51 {c |}{col 22}{res}{space 2} 5.590667{col 34}{space 2} .6620154{col 45}{space 1}    8.44{col 54}{space 3}0.000{col 62}{space 4} 4.285038{col 75}{space 3} 6.896297
{txt}{space 13}sic2_52 {c |}{col 22}{res}{space 2} 4.800989{col 34}{space 2} .8744517{col 45}{space 1}    5.49{col 54}{space 3}0.000{col 62}{space 4} 3.076392{col 75}{space 3} 6.525586
{txt}{space 13}sic2_53 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_54 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_55 {c |}{col 22}{res}{space 2} 3.233744{col 34}{space 2} .9870425{col 45}{space 1}    3.28{col 54}{space 3}0.001{col 62}{space 4} 1.287095{col 75}{space 3} 5.180393
{txt}{space 13}sic2_56 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_57 {c |}{col 22}{res}{space 2} 4.504766{col 34}{space 2} .5487751{col 45}{space 1}    8.21{col 54}{space 3}0.000{col 62}{space 4} 3.422469{col 75}{space 3} 5.587062
{txt}{space 13}sic2_58 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_59 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_60 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_1 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_4 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_5 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_6 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_7 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_8 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_9 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_10 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_11 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_12 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_13 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_14 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_15 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_16 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_17 {c |}{col 22}{res}{space 2}-2.953917{col 34}{space 2} .8185255{col 45}{space 1}   -3.61{col 54}{space 3}0.000{col 62}{space 4}-4.568216{col 75}{space 3}-1.339618
{txt}{space 16}y_18 {c |}{col 22}{res}{space 2}-.8986997{col 34}{space 2} .7557039{col 45}{space 1}   -1.19{col 54}{space 3}0.236{col 62}{space 4}-2.389102{col 75}{space 3} .5917026
{txt}{space 16}y_19 {c |}{col 22}{res}{space 2}-1.123872{col 34}{space 2} .7064134{col 45}{space 1}   -1.59{col 54}{space 3}0.113{col 62}{space 4}-2.517063{col 75}{space 3} .2693197
{txt}{space 16}y_20 {c |}{col 22}{res}{space 2}-1.233098{col 34}{space 2} .6767556{col 45}{space 1}   -1.82{col 54}{space 3}0.070{col 62}{space 4}-2.567798{col 75}{space 3} .1016026
{txt}{space 16}y_21 {c |}{col 22}{res}{space 2}-1.551829{col 34}{space 2} .6679187{col 45}{space 1}   -2.32{col 54}{space 3}0.021{col 62}{space 4}-2.869101{col 75}{space 3}-.2345573
{txt}{space 16}y_22 {c |}{col 22}{res}{space 2}-1.176046{col 34}{space 2} .7290883{col 45}{space 1}   -1.61{col 54}{space 3}0.108{col 62}{space 4}-2.613957{col 75}{space 3} .2618649
{txt}{space 16}y_23 {c |}{col 22}{res}{space 2}-.9338423{col 34}{space 2}  .723462{col 45}{space 1}   -1.29{col 54}{space 3}0.198{col 62}{space 4}-2.360657{col 75}{space 3} .4929724
{txt}{space 16}y_24 {c |}{col 22}{res}{space 2}-1.359953{col 34}{space 2} .6908107{col 45}{space 1}   -1.97{col 54}{space 3}0.050{col 62}{space 4}-2.722373{col 75}{space 3} .0024661
{txt}{space 16}y_25 {c |}{col 22}{res}{space 2}-1.490399{col 34}{space 2} .6659434{col 45}{space 1}   -2.24{col 54}{space 3}0.026{col 62}{space 4}-2.803775{col 75}{space 3}-.1770226
{txt}{space 16}y_26 {c |}{col 22}{res}{space 2} -1.23107{col 34}{space 2} .6361733{col 45}{space 1}   -1.94{col 54}{space 3}0.054{col 62}{space 4}-2.485734{col 75}{space 3} .0235932
{txt}{space 16}y_27 {c |}{col 22}{res}{space 2}-1.513054{col 34}{space 2} .6494437{col 45}{space 1}   -2.33{col 54}{space 3}0.021{col 62}{space 4} -2.79389{col 75}{space 3}-.2322188
{txt}{space 16}y_28 {c |}{col 22}{res}{space 2}-2.158276{col 34}{space 2} .6999203{col 45}{space 1}   -3.08{col 54}{space 3}0.002{col 62}{space 4}-3.538661{col 75}{space 3}-.7778899
{txt}{space 16}y_29 {c |}{col 22}{res}{space 2}-1.932462{col 34}{space 2} .7045959{col 45}{space 1}   -2.74{col 54}{space 3}0.007{col 62}{space 4}-3.322069{col 75}{space 3}-.5428555
{txt}{space 16}y_30 {c |}{col 22}{res}{space 2}-1.930783{col 34}{space 2} .7216214{col 45}{space 1}   -2.68{col 54}{space 3}0.008{col 62}{space 4}-3.353968{col 75}{space 3}-.5075982
{txt}{space 16}y_31 {c |}{col 22}{res}{space 2}-1.704513{col 34}{space 2} .8049101{col 45}{space 1}   -2.12{col 54}{space 3}0.035{col 62}{space 4} -3.29196{col 75}{space 3}-.1170661
{txt}{space 16}y_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 15}_cons {c |}{col 22}{res}{space 2}-1.788654{col 34}{space 2} 6.081134{col 45}{space 1}   -0.29{col 54}{space 3}0.769{col 62}{space 4}-13.78189{col 75}{space 3} 10.20458
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
 
     SE clustered by gvkey and fyear
 

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. cluster2 lfeesplusother union_perc unionperc_nonrtw nonrtw logat leverage lfirmage tangibility rdassets roa lagstdebitdaassets5W newceo lage ltenure ceochair  sic2_* y_*, tcluster(fyear) fcluster(gvkey) 
 
{txt}Linear regression with 2D clustered SEs{col 56}Number of obs = {res}    468
{txt}{col 56}F( 66,   395) ={res}       .
{txt}{col 56}Prob > F      ={res}       .
{txt}Number of clusters (gvkey) = {col 31}{res}  164{txt}{col 56}R-squared     ={res}  0.4394
{txt}Number of clusters (fyear) = {col 31}{res}   17{txt}{col 56}Root MSE      ={res}  1.0889
{txt}{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}      lfeesplusother{col 22}{c |} Coefficient{col 34}  Std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}union_perc {c |}{col 22}{res}{space 2} 1.565295{col 34}{space 2} .6558879{col 45}{space 1}    2.39{col 54}{space 3}0.017{col 62}{space 4} .2758272{col 75}{space 3} 2.854763
{txt}{space 4}unionperc_nonrtw {c |}{col 22}{res}{space 2}-1.650781{col 34}{space 2} .7230127{col 45}{space 1}   -2.28{col 54}{space 3}0.023{col 62}{space 4}-3.072215{col 75}{space 3}-.2293466
{txt}{space 14}nonrtw {c |}{col 22}{res}{space 2} .0430798{col 34}{space 2} .2351181{col 45}{space 1}    0.18{col 54}{space 3}0.855{col 62}{space 4}-.4191595{col 75}{space 3} .5053191
{txt}{space 15}logat {c |}{col 22}{res}{space 2} .3761314{col 34}{space 2} .0771735{col 45}{space 1}    4.87{col 54}{space 3}0.000{col 62}{space 4} .2244092{col 75}{space 3} .5278536
{txt}{space 12}leverage {c |}{col 22}{res}{space 2} .3030115{col 34}{space 2} .6879627{col 45}{space 1}    0.44{col 54}{space 3}0.660{col 62}{space 4}-1.049515{col 75}{space 3} 1.655538
{txt}{space 12}lfirmage {c |}{col 22}{res}{space 2} .1098783{col 34}{space 2}  .155392{col 45}{space 1}    0.71{col 54}{space 3}0.480{col 62}{space 4}-.1956204{col 75}{space 3}  .415377
{txt}{space 9}tangibility {c |}{col 22}{res}{space 2} 2.064061{col 34}{space 2} 1.012489{col 45}{space 1}    2.04{col 54}{space 3}0.042{col 62}{space 4} .0735201{col 75}{space 3} 4.054603
{txt}{space 12}rdassets {c |}{col 22}{res}{space 2}-1.136423{col 34}{space 2} 1.995733{col 45}{space 1}   -0.57{col 54}{space 3}0.569{col 62}{space 4} -5.06001{col 75}{space 3} 2.787165
{txt}{space 17}roa {c |}{col 22}{res}{space 2} .3347085{col 34}{space 2} .6731826{col 45}{space 1}    0.50{col 54}{space 3}0.619{col 62}{space 4}-.9887603{col 75}{space 3} 1.658177
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2}-2.102205{col 34}{space 2} 2.236793{col 45}{space 1}   -0.94{col 54}{space 3}0.348{col 62}{space 4}-6.499713{col 75}{space 3} 2.295303
{txt}{space 14}newceo {c |}{col 22}{res}{space 2} .0107652{col 34}{space 2} .2221247{col 45}{space 1}    0.05{col 54}{space 3}0.961{col 62}{space 4}-.4259292{col 75}{space 3} .4474597
{txt}{space 16}lage {c |}{col 22}{res}{space 2}-1.223042{col 34}{space 2}  1.00204{col 45}{space 1}   -1.22{col 54}{space 3}0.223{col 62}{space 4} -3.19304{col 75}{space 3} .7469573
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2}-.0364194{col 34}{space 2} .1432601{col 45}{space 1}   -0.25{col 54}{space 3}0.799{col 62}{space 4}-.3180669{col 75}{space 3} .2452282
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2} .0587175{col 34}{space 2} .1743352{col 45}{space 1}    0.34{col 54}{space 3}0.736{col 62}{space 4}-.2840234{col 75}{space 3} .4014585
{txt}{space 14}sic2_1 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_4 {c |}{col 22}{res}{space 2}-2.331271{col 34}{space 2}  .607697{col 45}{space 1}   -3.84{col 54}{space 3}0.000{col 62}{space 4}-3.525996{col 75}{space 3}-1.136546
{txt}{space 14}sic2_5 {c |}{col 22}{res}{space 2}-1.900379{col 34}{space 2} .6530937{col 45}{space 1}   -2.91{col 54}{space 3}0.004{col 62}{space 4}-3.184353{col 75}{space 3}-.6164045
{txt}{space 14}sic2_6 {c |}{col 22}{res}{space 2}-1.853048{col 34}{space 2} .6755661{col 45}{space 1}   -2.74{col 54}{space 3}0.006{col 62}{space 4}-3.181203{col 75}{space 3}-.5248937
{txt}{space 14}sic2_7 {c |}{col 22}{res}{space 2} -1.07039{col 34}{space 2} .6171094{col 45}{space 1}   -1.73{col 54}{space 3}0.084{col 62}{space 4}-2.283619{col 75}{space 3} .1428398
{txt}{space 14}sic2_8 {c |}{col 22}{res}{space 2} .0246769{col 34}{space 2} 1.031789{col 45}{space 1}    0.02{col 54}{space 3}0.981{col 62}{space 4}-2.003807{col 75}{space 3} 2.053161
{txt}{space 14}sic2_9 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_10 {c |}{col 22}{res}{space 2}-.3565555{col 34}{space 2} .4625968{col 45}{space 1}   -0.77{col 54}{space 3}0.441{col 62}{space 4}-1.266015{col 75}{space 3} .5529042
{txt}{space 13}sic2_11 {c |}{col 22}{res}{space 2}  .127064{col 34}{space 2} .4215563{col 45}{space 1}    0.30{col 54}{space 3}0.763{col 62}{space 4}-.7017106{col 75}{space 3} .9558386
{txt}{space 13}sic2_12 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_13 {c |}{col 22}{res}{space 2}-.7312485{col 34}{space 2} .4612387{col 45}{space 1}   -1.59{col 54}{space 3}0.114{col 62}{space 4}-1.638038{col 75}{space 3} .1755413
{txt}{space 13}sic2_14 {c |}{col 22}{res}{space 2}-1.401064{col 34}{space 2} .5084712{col 45}{space 1}   -2.76{col 54}{space 3}0.006{col 62}{space 4}-2.400712{col 75}{space 3}-.4014161
{txt}{space 13}sic2_15 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_16 {c |}{col 22}{res}{space 2} .0096951{col 34}{space 2} .6729617{col 45}{space 1}    0.01{col 54}{space 3}0.989{col 62}{space 4}-1.313339{col 75}{space 3}  1.33273
{txt}{space 13}sic2_17 {c |}{col 22}{res}{space 2}-2.054067{col 34}{space 2}  .472793{col 45}{space 1}   -4.34{col 54}{space 3}0.000{col 62}{space 4}-2.983572{col 75}{space 3}-1.124562
{txt}{space 13}sic2_18 {c |}{col 22}{res}{space 2} -.254945{col 34}{space 2} .5077036{col 45}{space 1}   -0.50{col 54}{space 3}0.616{col 62}{space 4}-1.253084{col 75}{space 3} .7431941
{txt}{space 13}sic2_19 {c |}{col 22}{res}{space 2} .2797913{col 34}{space 2} .4517462{col 45}{space 1}    0.62{col 54}{space 3}0.536{col 62}{space 4}-.6083363{col 75}{space 3} 1.167919
{txt}{space 13}sic2_20 {c |}{col 22}{res}{space 2}-1.414778{col 34}{space 2} .7840592{col 45}{space 1}   -1.80{col 54}{space 3}0.072{col 62}{space 4}-2.956229{col 75}{space 3} .1266727
{txt}{space 13}sic2_21 {c |}{col 22}{res}{space 2} .2480817{col 34}{space 2} .4858826{col 45}{space 1}    0.51{col 54}{space 3}0.610{col 62}{space 4}-.7071576{col 75}{space 3} 1.203321
{txt}{space 13}sic2_22 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_23 {c |}{col 22}{res}{space 2}  .046789{col 34}{space 2} .5787697{col 45}{space 1}    0.08{col 54}{space 3}0.936{col 62}{space 4}-1.091065{col 75}{space 3} 1.184643
{txt}{space 13}sic2_24 {c |}{col 22}{res}{space 2}-1.516247{col 34}{space 2}   .52411{col 45}{space 1}   -2.89{col 54}{space 3}0.004{col 62}{space 4}-2.546641{col 75}{space 3}-.4858535
{txt}{space 13}sic2_25 {c |}{col 22}{res}{space 2} .5463005{col 34}{space 2} .7408103{col 45}{space 1}    0.74{col 54}{space 3}0.461{col 62}{space 4}-.9101235{col 75}{space 3} 2.002725
{txt}{space 13}sic2_26 {c |}{col 22}{res}{space 2} .2984432{col 34}{space 2} .5471505{col 45}{space 1}    0.55{col 54}{space 3}0.586{col 62}{space 4} -.777248{col 75}{space 3} 1.374134
{txt}{space 13}sic2_27 {c |}{col 22}{res}{space 2}-.6525043{col 34}{space 2} .3922676{col 45}{space 1}   -1.66{col 54}{space 3}0.097{col 62}{space 4}-1.423698{col 75}{space 3} .1186889
{txt}{space 13}sic2_28 {c |}{col 22}{res}{space 2}-.0986879{col 34}{space 2} .3992665{col 45}{space 1}   -0.25{col 54}{space 3}0.805{col 62}{space 4}-.8836411{col 75}{space 3} .6862652
{txt}{space 13}sic2_29 {c |}{col 22}{res}{space 2}-.3385465{col 34}{space 2} .5641386{col 45}{space 1}   -0.60{col 54}{space 3}0.549{col 62}{space 4}-1.447636{col 75}{space 3} .7705432
{txt}{space 13}sic2_30 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_31 {c |}{col 22}{res}{space 2}-4.033954{col 34}{space 2}  .501177{col 45}{space 1}   -8.05{col 54}{space 3}0.000{col 62}{space 4}-5.019262{col 75}{space 3}-3.048646
{txt}{space 13}sic2_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_33 {c |}{col 22}{res}{space 2}-2.968076{col 34}{space 2} .7453451{col 45}{space 1}   -3.98{col 54}{space 3}0.000{col 62}{space 4}-4.433415{col 75}{space 3}-1.502737
{txt}{space 13}sic2_34 {c |}{col 22}{res}{space 2}-2.972116{col 34}{space 2} .6512081{col 45}{space 1}   -4.56{col 54}{space 3}0.000{col 62}{space 4}-4.252383{col 75}{space 3}-1.691848
{txt}{space 13}sic2_35 {c |}{col 22}{res}{space 2}-.8617609{col 34}{space 2}  .652347{col 45}{space 1}   -1.32{col 54}{space 3}0.187{col 62}{space 4}-2.144267{col 75}{space 3} .4207454
{txt}{space 13}sic2_36 {c |}{col 22}{res}{space 2}-.3873891{col 34}{space 2} .4710845{col 45}{space 1}   -0.82{col 54}{space 3}0.411{col 62}{space 4}-1.313535{col 75}{space 3} .5387573
{txt}{space 13}sic2_37 {c |}{col 22}{res}{space 2}-.5388552{col 34}{space 2} .5813325{col 45}{space 1}   -0.93{col 54}{space 3}0.355{col 62}{space 4}-1.681748{col 75}{space 3} .6040375
{txt}{space 13}sic2_38 {c |}{col 22}{res}{space 2}-.8281081{col 34}{space 2} .3585525{col 45}{space 1}   -2.31{col 54}{space 3}0.021{col 62}{space 4}-1.533018{col 75}{space 3}-.1231983
{txt}{space 13}sic2_39 {c |}{col 22}{res}{space 2}-1.485053{col 34}{space 2}  1.07082{col 45}{space 1}   -1.39{col 54}{space 3}0.166{col 62}{space 4}-3.590273{col 75}{space 3} .6201674
{txt}{space 13}sic2_40 {c |}{col 22}{res}{space 2}-1.634313{col 34}{space 2} .7097983{col 45}{space 1}   -2.30{col 54}{space 3}0.022{col 62}{space 4}-3.029768{col 75}{space 3}-.2388579
{txt}{space 13}sic2_41 {c |}{col 22}{res}{space 2}-.9303033{col 34}{space 2} .5724879{col 45}{space 1}   -1.63{col 54}{space 3}0.105{col 62}{space 4}-2.055808{col 75}{space 3}  .195201
{txt}{space 13}sic2_42 {c |}{col 22}{res}{space 2} .3975773{col 34}{space 2} .6035556{col 45}{space 1}    0.66{col 54}{space 3}0.510{col 62}{space 4}-.7890057{col 75}{space 3}  1.58416
{txt}{space 13}sic2_43 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_44 {c |}{col 22}{res}{space 2} .0101714{col 34}{space 2} .6137175{col 45}{space 1}    0.02{col 54}{space 3}0.987{col 62}{space 4} -1.19639{col 75}{space 3} 1.216733
{txt}{space 13}sic2_45 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_46 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_47 {c |}{col 22}{res}{space 2}-.2004452{col 34}{space 2} .3967947{col 45}{space 1}   -0.51{col 54}{space 3}0.614{col 62}{space 4}-.9805389{col 75}{space 3} .5796484
{txt}{space 13}sic2_48 {c |}{col 22}{res}{space 2} .5279582{col 34}{space 2} .5229697{col 45}{space 1}    1.01{col 54}{space 3}0.313{col 62}{space 4}-.5001939{col 75}{space 3}  1.55611
{txt}{space 13}sic2_49 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_50 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_51 {c |}{col 22}{res}{space 2} 1.207807{col 34}{space 2} .5683034{col 45}{space 1}    2.13{col 54}{space 3}0.034{col 62}{space 4} .0905294{col 75}{space 3} 2.325084
{txt}{space 13}sic2_52 {c |}{col 22}{res}{space 2} .5077166{col 34}{space 2} .4467402{col 45}{space 1}    1.14{col 54}{space 3}0.256{col 62}{space 4}-.3705693{col 75}{space 3} 1.386002
{txt}{space 13}sic2_53 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_54 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_55 {c |}{col 22}{res}{space 2}-2.027621{col 34}{space 2}  .578441{col 45}{space 1}   -3.51{col 54}{space 3}0.001{col 62}{space 4} -3.16483{col 75}{space 3}-.8904134
{txt}{space 13}sic2_56 {c |}{col 22}{res}{space 2}-1.941288{col 34}{space 2} .6676233{col 45}{space 1}   -2.91{col 54}{space 3}0.004{col 62}{space 4}-3.253828{col 75}{space 3}-.6287491
{txt}{space 13}sic2_57 {c |}{col 22}{res}{space 2}-1.071615{col 34}{space 2}  .614176{col 45}{space 1}   -1.74{col 54}{space 3}0.082{col 62}{space 4}-2.279078{col 75}{space 3} .1358471
{txt}{space 13}sic2_58 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_59 {c |}{col 22}{res}{space 2} .0014363{col 34}{space 2}  .653386{col 45}{space 1}    0.00{col 54}{space 3}0.998{col 62}{space 4}-1.283113{col 75}{space 3} 1.285985
{txt}{space 13}sic2_60 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_1 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_4 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_5 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_6 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_7 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_8 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_9 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_10 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_11 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_12 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_13 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_14 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_15 {c |}{col 22}{res}{space 2} 2.313705{col 34}{space 2} .4915283{col 45}{space 1}    4.71{col 54}{space 3}0.000{col 62}{space 4} 1.347367{col 75}{space 3} 3.280044
{txt}{space 16}y_16 {c |}{col 22}{res}{space 2} .9910689{col 34}{space 2} .4415104{col 45}{space 1}    2.24{col 54}{space 3}0.025{col 62}{space 4} .1230649{col 75}{space 3} 1.859073
{txt}{space 16}y_17 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_18 {c |}{col 22}{res}{space 2}  1.41309{col 34}{space 2} .1332174{col 45}{space 1}   10.61{col 54}{space 3}0.000{col 62}{space 4} 1.151186{col 75}{space 3} 1.674994
{txt}{space 16}y_19 {c |}{col 22}{res}{space 2} 1.332253{col 34}{space 2} .2237782{col 45}{space 1}    5.95{col 54}{space 3}0.000{col 62}{space 4} .8923078{col 75}{space 3} 1.772198
{txt}{space 16}y_20 {c |}{col 22}{res}{space 2} 1.407027{col 34}{space 2} .2139081{col 45}{space 1}    6.58{col 54}{space 3}0.000{col 62}{space 4}  .986486{col 75}{space 3} 1.827567
{txt}{space 16}y_21 {c |}{col 22}{res}{space 2} .9617821{col 34}{space 2}  .163157{col 45}{space 1}    5.89{col 54}{space 3}0.000{col 62}{space 4} .6410174{col 75}{space 3} 1.282547
{txt}{space 16}y_22 {c |}{col 22}{res}{space 2} 1.138698{col 34}{space 2} .2371579{col 45}{space 1}    4.80{col 54}{space 3}0.000{col 62}{space 4} .6724488{col 75}{space 3} 1.604948
{txt}{space 16}y_23 {c |}{col 22}{res}{space 2} 1.133938{col 34}{space 2} .1329337{col 45}{space 1}    8.53{col 54}{space 3}0.000{col 62}{space 4} .8725924{col 75}{space 3} 1.395284
{txt}{space 16}y_24 {c |}{col 22}{res}{space 2} 1.245949{col 34}{space 2} .2213413{col 45}{space 1}    5.63{col 54}{space 3}0.000{col 62}{space 4} .8107945{col 75}{space 3} 1.681103
{txt}{space 16}y_25 {c |}{col 22}{res}{space 2} 1.478576{col 34}{space 2} .2291811{col 45}{space 1}    6.45{col 54}{space 3}0.000{col 62}{space 4} 1.028009{col 75}{space 3} 1.929143
{txt}{space 16}y_26 {c |}{col 22}{res}{space 2} 1.825534{col 34}{space 2} .2695011{col 45}{space 1}    6.77{col 54}{space 3}0.000{col 62}{space 4} 1.295698{col 75}{space 3}  2.35537
{txt}{space 16}y_27 {c |}{col 22}{res}{space 2} 1.633819{col 34}{space 2} .2551108{col 45}{space 1}    6.40{col 54}{space 3}0.000{col 62}{space 4} 1.132274{col 75}{space 3} 2.135364
{txt}{space 16}y_28 {c |}{col 22}{res}{space 2} 1.628486{col 34}{space 2} .2767318{col 45}{space 1}    5.88{col 54}{space 3}0.000{col 62}{space 4} 1.084435{col 75}{space 3} 2.172538
{txt}{space 16}y_29 {c |}{col 22}{res}{space 2} 1.324916{col 34}{space 2} .2882496{col 45}{space 1}    4.60{col 54}{space 3}0.000{col 62}{space 4} .7582208{col 75}{space 3} 1.891611
{txt}{space 16}y_30 {c |}{col 22}{res}{space 2} 1.349987{col 34}{space 2} .3393013{col 45}{space 1}    3.98{col 54}{space 3}0.000{col 62}{space 4} .6829248{col 75}{space 3} 2.017049
{txt}{space 16}y_31 {c |}{col 22}{res}{space 2} 1.714929{col 34}{space 2} .4261535{col 45}{space 1}    4.02{col 54}{space 3}0.000{col 62}{space 4} .8771166{col 75}{space 3} 2.552742
{txt}{space 16}y_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 15}_cons {c |}{col 22}{res}{space 2} 12.51606{col 34}{space 2} 3.949353{col 45}{space 1}    3.17{col 54}{space 3}0.002{col 62}{space 4} 4.751682{col 75}{space 3} 20.28044
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
 
     SE clustered by gvkey and fyear
 

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. cluster2 lfeeratio union_perc unionperc_nonrtw nonrtw logat leverageW lfirmage tangibilityW rdassetsW roaW  lagstdebitdaassets5W newceo lage ltenure ceochair  sic2_* y_*, tcluster(fyear) fcluster(gvkey) 
 
{txt}Linear regression with 2D clustered SEs{col 56}Number of obs = {res}    246
{txt}{col 56}F( 55,   184) ={res}       .
{txt}{col 56}Prob > F      ={res}       .
{txt}Number of clusters (gvkey) = {col 31}{res}   97{txt}{col 56}R-squared     ={res}  0.5420
{txt}Number of clusters (fyear) = {col 31}{res}   16{txt}{col 56}Root MSE      ={res}  1.0942
{txt}{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}           lfeeratio{col 22}{c |} Coefficient{col 34}  Std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}union_perc {c |}{col 22}{res}{space 2}-2.827228{col 34}{space 2} 1.319553{col 45}{space 1}   -2.14{col 54}{space 3}0.033{col 62}{space 4}-5.430627{col 75}{space 3}-.2238294
{txt}{space 4}unionperc_nonrtw {c |}{col 22}{res}{space 2} 2.295891{col 34}{space 2} 1.377939{col 45}{space 1}    1.67{col 54}{space 3}0.097{col 62}{space 4}   -.4227{col 75}{space 3} 5.014482
{txt}{space 14}nonrtw {c |}{col 22}{res}{space 2}-.1230528{col 34}{space 2} .6024595{col 45}{space 1}   -0.20{col 54}{space 3}0.838{col 62}{space 4} -1.31167{col 75}{space 3} 1.065564
{txt}{space 15}logat {c |}{col 22}{res}{space 2}-.2504089{col 34}{space 2} .0953285{col 45}{space 1}   -2.63{col 54}{space 3}0.009{col 62}{space 4}-.4384863{col 75}{space 3}-.0623315
{txt}{space 11}leverageW {c |}{col 22}{res}{space 2}-.0226904{col 34}{space 2} .6513327{col 45}{space 1}   -0.03{col 54}{space 3}0.972{col 62}{space 4}-1.307731{col 75}{space 3}  1.26235
{txt}{space 12}lfirmage {c |}{col 22}{res}{space 2} -.361692{col 34}{space 2} .1463125{col 45}{space 1}   -2.47{col 54}{space 3}0.014{col 62}{space 4}-.6503579{col 75}{space 3}-.0730261
{txt}{space 8}tangibilityW {c |}{col 22}{res}{space 2} .4177107{col 34}{space 2} 1.286627{col 45}{space 1}    0.32{col 54}{space 3}0.746{col 62}{space 4}-2.120728{col 75}{space 3} 2.956149
{txt}{space 11}rdassetsW {c |}{col 22}{res}{space 2} 6.511885{col 34}{space 2} 2.951062{col 45}{space 1}    2.21{col 54}{space 3}0.029{col 62}{space 4} .6896146{col 75}{space 3} 12.33416
{txt}{space 16}roaW {c |}{col 22}{res}{space 2}-3.137692{col 34}{space 2}  2.16947{col 45}{space 1}   -1.45{col 54}{space 3}0.150{col 62}{space 4}-7.417927{col 75}{space 3} 1.142543
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2}-2.062256{col 34}{space 2} 3.088877{col 45}{space 1}   -0.67{col 54}{space 3}0.505{col 62}{space 4}-8.156426{col 75}{space 3} 4.031914
{txt}{space 14}newceo {c |}{col 22}{res}{space 2} .3998117{col 34}{space 2} .4454398{col 45}{space 1}    0.90{col 54}{space 3}0.371{col 62}{space 4}-.4790145{col 75}{space 3} 1.278638
{txt}{space 16}lage {c |}{col 22}{res}{space 2}-3.684742{col 34}{space 2} 1.608582{col 45}{space 1}   -2.29{col 54}{space 3}0.023{col 62}{space 4}-6.858378{col 75}{space 3}-.5111057
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2} -.075787{col 34}{space 2} .2401107{col 45}{space 1}   -0.32{col 54}{space 3}0.753{col 62}{space 4}-.5495111{col 75}{space 3} .3979371
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2} .7384953{col 34}{space 2}  .229957{col 45}{space 1}    3.21{col 54}{space 3}0.002{col 62}{space 4} .2848038{col 75}{space 3} 1.192187
{txt}{space 14}sic2_1 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_4 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_5 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 14}sic2_6 {c |}{col 22}{res}{space 2}-5.127679{col 34}{space 2} .5396241{col 45}{space 1}   -9.50{col 54}{space 3}0.000{col 62}{space 4}-6.192325{col 75}{space 3}-4.063033
{txt}{space 14}sic2_7 {c |}{col 22}{res}{space 2}-5.065832{col 34}{space 2} 1.183368{col 45}{space 1}   -4.28{col 54}{space 3}0.000{col 62}{space 4}-7.400547{col 75}{space 3}-2.731118
{txt}{space 14}sic2_8 {c |}{col 22}{res}{space 2}-4.124742{col 34}{space 2} 1.753196{col 45}{space 1}   -2.35{col 54}{space 3}0.020{col 62}{space 4}-7.583694{col 75}{space 3}-.6657906
{txt}{space 14}sic2_9 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_10 {c |}{col 22}{res}{space 2}-5.792013{col 34}{space 2} 1.090458{col 45}{space 1}   -5.31{col 54}{space 3}0.000{col 62}{space 4}-7.943421{col 75}{space 3}-3.640604
{txt}{space 13}sic2_11 {c |}{col 22}{res}{space 2}-4.569388{col 34}{space 2} 1.233628{col 45}{space 1}   -3.70{col 54}{space 3}0.000{col 62}{space 4}-7.003263{col 75}{space 3}-2.135514
{txt}{space 13}sic2_12 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_13 {c |}{col 22}{res}{space 2}-4.603754{col 34}{space 2}  1.53033{col 45}{space 1}   -3.01{col 54}{space 3}0.003{col 62}{space 4}-7.623005{col 75}{space 3}-1.584503
{txt}{space 13}sic2_14 {c |}{col 22}{res}{space 2}-4.872156{col 34}{space 2} .6440069{col 45}{space 1}   -7.57{col 54}{space 3}0.000{col 62}{space 4}-6.142743{col 75}{space 3}-3.601569
{txt}{space 13}sic2_15 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_16 {c |}{col 22}{res}{space 2}-3.528918{col 34}{space 2} 1.343813{col 45}{space 1}   -2.63{col 54}{space 3}0.009{col 62}{space 4} -6.18018{col 75}{space 3} -.877655
{txt}{space 13}sic2_17 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_18 {c |}{col 22}{res}{space 2}-3.406963{col 34}{space 2} 1.260594{col 45}{space 1}   -2.70{col 54}{space 3}0.008{col 62}{space 4} -5.89404{col 75}{space 3}-.9198854
{txt}{space 13}sic2_19 {c |}{col 22}{res}{space 2}-5.357778{col 34}{space 2} 1.086031{col 45}{space 1}   -4.93{col 54}{space 3}0.000{col 62}{space 4}-7.500452{col 75}{space 3}-3.215105
{txt}{space 13}sic2_20 {c |}{col 22}{res}{space 2} -1.08143{col 34}{space 2} 1.067561{col 45}{space 1}   -1.01{col 54}{space 3}0.312{col 62}{space 4}-3.187665{col 75}{space 3} 1.024805
{txt}{space 13}sic2_21 {c |}{col 22}{res}{space 2}-3.847598{col 34}{space 2} 1.017832{col 45}{space 1}   -3.78{col 54}{space 3}0.000{col 62}{space 4} -5.85572{col 75}{space 3}-1.839476
{txt}{space 13}sic2_22 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_23 {c |}{col 22}{res}{space 2}-2.259686{col 34}{space 2} 1.379832{col 45}{space 1}   -1.64{col 54}{space 3}0.103{col 62}{space 4}-4.982013{col 75}{space 3} .4626407
{txt}{space 13}sic2_24 {c |}{col 22}{res}{space 2}-3.460533{col 34}{space 2} 1.007116{col 45}{space 1}   -3.44{col 54}{space 3}0.001{col 62}{space 4}-5.447512{col 75}{space 3}-1.473553
{txt}{space 13}sic2_25 {c |}{col 22}{res}{space 2}-4.872819{col 34}{space 2} 1.054497{col 45}{space 1}   -4.62{col 54}{space 3}0.000{col 62}{space 4}-6.953278{col 75}{space 3}-2.792359
{txt}{space 13}sic2_26 {c |}{col 22}{res}{space 2}-3.976563{col 34}{space 2} .9862404{col 45}{space 1}   -4.03{col 54}{space 3}0.000{col 62}{space 4}-5.922356{col 75}{space 3}-2.030769
{txt}{space 13}sic2_27 {c |}{col 22}{res}{space 2}-4.535389{col 34}{space 2} .9006676{col 45}{space 1}   -5.04{col 54}{space 3}0.000{col 62}{space 4}-6.312352{col 75}{space 3}-2.758425
{txt}{space 13}sic2_28 {c |}{col 22}{res}{space 2} -4.74679{col 34}{space 2} 1.183731{col 45}{space 1}   -4.01{col 54}{space 3}0.000{col 62}{space 4}-7.082221{col 75}{space 3}-2.411359
{txt}{space 13}sic2_29 {c |}{col 22}{res}{space 2}-4.091431{col 34}{space 2} 1.231679{col 45}{space 1}   -3.32{col 54}{space 3}0.001{col 62}{space 4}-6.521461{col 75}{space 3}-1.661401
{txt}{space 13}sic2_30 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_31 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_33 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_34 {c |}{col 22}{res}{space 2}-.4772639{col 34}{space 2}  .400635{col 45}{space 1}   -1.19{col 54}{space 3}0.235{col 62}{space 4}-1.267693{col 75}{space 3} .3131652
{txt}{space 13}sic2_35 {c |}{col 22}{res}{space 2} -4.62577{col 34}{space 2} .4305995{col 45}{space 1}  -10.74{col 54}{space 3}0.000{col 62}{space 4}-5.475317{col 75}{space 3}-3.776222
{txt}{space 13}sic2_36 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_37 {c |}{col 22}{res}{space 2}-4.067625{col 34}{space 2} 1.237575{col 45}{space 1}   -3.29{col 54}{space 3}0.001{col 62}{space 4}-6.509286{col 75}{space 3}-1.625964
{txt}{space 13}sic2_38 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_39 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_40 {c |}{col 22}{res}{space 2}-3.920699{col 34}{space 2} 1.491152{col 45}{space 1}   -2.63{col 54}{space 3}0.009{col 62}{space 4}-6.862653{col 75}{space 3}-.9787458
{txt}{space 13}sic2_41 {c |}{col 22}{res}{space 2}-3.961323{col 34}{space 2} 1.499511{col 45}{space 1}   -2.64{col 54}{space 3}0.009{col 62}{space 4}-6.919769{col 75}{space 3}-1.002877
{txt}{space 13}sic2_42 {c |}{col 22}{res}{space 2}-5.086568{col 34}{space 2} .7364224{col 45}{space 1}   -6.91{col 54}{space 3}0.000{col 62}{space 4}-6.539485{col 75}{space 3} -3.63365
{txt}{space 13}sic2_43 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_44 {c |}{col 22}{res}{space 2} -5.67547{col 34}{space 2} 1.518185{col 45}{space 1}   -3.74{col 54}{space 3}0.000{col 62}{space 4}-8.670758{col 75}{space 3}-2.680183
{txt}{space 13}sic2_45 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_46 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_47 {c |}{col 22}{res}{space 2}-4.092426{col 34}{space 2} .9970037{col 45}{space 1}   -4.10{col 54}{space 3}0.000{col 62}{space 4}-6.059455{col 75}{space 3}-2.125397
{txt}{space 13}sic2_48 {c |}{col 22}{res}{space 2}-4.815324{col 34}{space 2} 1.583689{col 45}{space 1}   -3.04{col 54}{space 3}0.003{col 62}{space 4}-7.939849{col 75}{space 3}-1.690799
{txt}{space 13}sic2_49 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_50 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_51 {c |}{col 22}{res}{space 2}-5.882535{col 34}{space 2} 1.481588{col 45}{space 1}   -3.97{col 54}{space 3}0.000{col 62}{space 4} -8.80562{col 75}{space 3} -2.95945
{txt}{space 13}sic2_52 {c |}{col 22}{res}{space 2}  -4.9999{col 34}{space 2} 1.125877{col 45}{space 1}   -4.44{col 54}{space 3}0.000{col 62}{space 4}-7.221187{col 75}{space 3}-2.778612
{txt}{space 13}sic2_53 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_54 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_55 {c |}{col 22}{res}{space 2}-5.130264{col 34}{space 2} .8488157{col 45}{space 1}   -6.04{col 54}{space 3}0.000{col 62}{space 4}-6.804927{col 75}{space 3}-3.455601
{txt}{space 13}sic2_56 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_57 {c |}{col 22}{res}{space 2} -7.10712{col 34}{space 2} 1.576977{col 45}{space 1}   -4.51{col 54}{space 3}0.000{col 62}{space 4} -10.2184{col 75}{space 3}-3.995838
{txt}{space 13}sic2_58 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_59 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 13}sic2_60 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_1 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_2 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_3 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_4 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_5 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_6 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_7 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_8 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 17}y_9 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_10 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_11 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_12 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_13 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_14 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_15 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_16 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 16}y_17 {c |}{col 22}{res}{space 2} .5016122{col 34}{space 2} .6913565{col 45}{space 1}    0.73{col 54}{space 3}0.469{col 62}{space 4}-.8623931{col 75}{space 3} 1.865617
{txt}{space 16}y_18 {c |}{col 22}{res}{space 2} .0073822{col 34}{space 2} .7569653{col 45}{space 1}    0.01{col 54}{space 3}0.992{col 62}{space 4}-1.486065{col 75}{space 3}  1.50083
{txt}{space 16}y_19 {c |}{col 22}{res}{space 2}  .417222{col 34}{space 2} .7685517{col 45}{space 1}    0.54{col 54}{space 3}0.588{col 62}{space 4}-1.099085{col 75}{space 3} 1.933529
{txt}{space 16}y_20 {c |}{col 22}{res}{space 2} .6197802{col 34}{space 2}  .723862{col 45}{space 1}    0.86{col 54}{space 3}0.393{col 62}{space 4}-.8083564{col 75}{space 3} 2.047917
{txt}{space 16}y_21 {c |}{col 22}{res}{space 2} .8755839{col 34}{space 2} .7201755{col 45}{space 1}    1.22{col 54}{space 3}0.226{col 62}{space 4}-.5452796{col 75}{space 3} 2.296447
{txt}{space 16}y_22 {c |}{col 22}{res}{space 2} 1.216256{col 34}{space 2} .8387037{col 45}{space 1}    1.45{col 54}{space 3}0.149{col 62}{space 4} -.438456{col 75}{space 3} 2.870969
{txt}{space 16}y_23 {c |}{col 22}{res}{space 2}  .861809{col 34}{space 2} .8519555{col 45}{space 1}    1.01{col 54}{space 3}0.313{col 62}{space 4}-.8190486{col 75}{space 3} 2.542667
{txt}{space 16}y_24 {c |}{col 22}{res}{space 2} .6326849{col 34}{space 2} .8074665{col 45}{space 1}    0.78{col 54}{space 3}0.434{col 62}{space 4}-.9603984{col 75}{space 3} 2.225768
{txt}{space 16}y_25 {c |}{col 22}{res}{space 2} 1.370703{col 34}{space 2} .7547041{col 45}{space 1}    1.82{col 54}{space 3}0.071{col 62}{space 4}-.1182832{col 75}{space 3}  2.85969
{txt}{space 16}y_26 {c |}{col 22}{res}{space 2} 1.329114{col 34}{space 2} .7259886{col 45}{space 1}    1.83{col 54}{space 3}0.069{col 62}{space 4}-.1032181{col 75}{space 3} 2.761447
{txt}{space 16}y_27 {c |}{col 22}{res}{space 2} 1.451014{col 34}{space 2} .7894502{col 45}{space 1}    1.84{col 54}{space 3}0.068{col 62}{space 4}-.1065242{col 75}{space 3} 3.008552
{txt}{space 16}y_28 {c |}{col 22}{res}{space 2} .8788594{col 34}{space 2} .8410925{col 45}{space 1}    1.04{col 54}{space 3}0.297{col 62}{space 4}-.7805662{col 75}{space 3} 2.538285
{txt}{space 16}y_29 {c |}{col 22}{res}{space 2} 1.659475{col 34}{space 2} .8525296{col 45}{space 1}    1.95{col 54}{space 3}0.053{col 62}{space 4}-.0225147{col 75}{space 3} 3.341466
{txt}{space 16}y_30 {c |}{col 22}{res}{space 2} 1.929159{col 34}{space 2} .9097511{col 45}{space 1}    2.12{col 54}{space 3}0.035{col 62}{space 4} .1342744{col 75}{space 3} 3.724044
{txt}{space 16}y_31 {c |}{col 22}{res}{space 2} 1.909394{col 34}{space 2} .9066655{col 45}{space 1}    2.11{col 54}{space 3}0.037{col 62}{space 4} .1205971{col 75}{space 3} 3.698191
{txt}{space 16}y_32 {c |}{col 22}{res}{space 2}        0{col 34}{txt}  (omitted)
{space 15}_cons {c |}{col 22}{res}{space 2} 20.45454{col 34}{space 2} 6.215401{col 45}{space 1}    3.29{col 54}{space 3}0.001{col 62}{space 4} 8.191921{col 75}{space 3} 32.71715
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
 
     SE clustered by gvkey and fyear
 

{com}. 
{txt}end of do-file

{com}. log close
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}E:\Old papers\short union paper\FM RR1\FM data archive code and tables\Table 5 log file.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}17 Feb 2025, 14:33:42
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{txt}{sf}{ul off}